Sponge (SPONGE/USD) at $0.00016, Buy the Dip
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The SPONGE/USD market continues to range in the $0.00016 price zone. There has been a significant decline in the level of pessimism among investors since the market entered the $0.00016 price zone. Traders appear not to be willing to buy the market below the $0.00016 price level. Therefore, with this period of price consolidation at this level, the support level strengthens.
Key Levels
- Resistance: $0.0004, $0.0045, and $0.0005.
- Support: $0.00015, $0.00014, and $0.00013.
Sponge (SPONGE/USD) Price Analysis: The Indicators’ Point of View
The SPONGE/USD market continues to range sideways below the $0.000165 price level as bearish momentum declines. However, bulls remain too weak to take over the market. Going by the indicators, the market, at its current level, is set for another bullish cycle. In the Relative Strength Index (RSI), the representation of the market by the RSI line has remained on the edge of oversold territory for the past five days. Therefore, the market holds more possibility for upside movements than for further downside movements.
Sponge Short-Term Outlook: 1-Hour Chart
In the 1-hour timeframe, the market began to make a small but significant recovery after hitting the support level at $0.0001608. The higher lows that began to appear after hitting the key support level testify to the fact that the market is set for bullish actions, but the low trading activities seem to be limiting the bullish price recovery. Sponge bulls need to deal with bearish resistance too soon at $0.0001628. This will be challenging for bulls as the volatility is on the low side.
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