$SPONGE (SPONGE/USD) Bulls Assert Dominance, Firmly Establish Higher Support Level
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In the recent $SPONGE market analysis, we observed heightened market volatility, which favored bearish sentiment, resulting in price stagnation below the $0.00008 level. Furthermore, our prior analysis indicated a consolidation of bullish activity around the $0.000061 mark. A closer examination of this crypto signal from 4-hour chart reveals a notable resurgence in bullish momentum, effectively reasserting an upward trajectory in the market.
Key Market Dynamics:
- Resistance Levels: $0.0010, $0.0011, and $0.0012.
- Support Levels: $0.000035, $0.000030, and $0.000025.
In-Depth Technical Analysis for $SPONGE (SPONGE/USD)
The bullish momentum within the $SPONGE market intensified significantly, leading to a test of the $0.00012 price threshold. However, this vigorous surge prompted substantial profit-taking, albeit ultimately resulting in the establishment of a reinforced support level near $0.000071. Despite the recent pronounced fluctuations, evident in the widening Bollinger Bands, the resilience displayed in securing a higher support level underscores the prevailing bullish sentiment within the market.
Insights from the 1-Hour Perspective
Upon examining the 1-hour chart, it’s evident that bearish attempts to breach the $0.000072 mark were rejected on multiple occasions. This reaffirms the strength of the support level, suggesting its sustainability. Notably, the recent volatility was effectively leveraged by the bulls to establish a higher pivotal price level. As volatility subsides, there’s a likelihood of a brief period of price stabilization before witnessing another upward movement, potentially solidifying $0.00008 as yet another higher support level.
Invest in SPONGE/USD and take advantage of the wave to advance.
GM frens 🧽💛#SPONGE #Crypto #Web3 #Alts pic.twitter.com/cRpU8zZscP
— $SPONGE (@spongeoneth) March 14, 2024
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