Sponge (SPONGE/USD) Bulls Display Resilience, Overcoming Selling Pressure with Tenacity
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The SPONGE/USD bulls have exhibited remarkable resilience, persistently striving for higher price levels amidst pronounced bearish pressure. The recent 4-hour candlesticks feature noticeable upper shadows; nevertheless, the market has successfully garnered upward momentum. Bulls are currently targeting the $0.0009 price level but face a substantial obstacle at $0.00085, representing a formidable resistance that must be overcome first.
Key Market Indicators:
- Resistance Levels: $0.0010, $0.0011, and $0.0012.
- Support Levels: $0.000450, $0.00040, and $0.00035.
In-depth Technical Analysis for $SPONGE (SPONGE/USD):
An inverted hammer candlestick, typically considered a bearish signal, manifested during one of yesterday’s 4-hour sessions. Despite its bearish connotation, the context suggests the potential emergence of SPONGE/USD bullish momentum. Notably, this inverted candlestick is appearing near the lowest point of the price retracement, elucidating why the market price has been experiencing an upward trajectory since its initial appearance.
Current indicators depict a shift in the price indicator from the bearish zone to the bullish zone. The Moving Average Convergence and Divergence (MACD) indicator now displays a notable bullish histogram. However, as the price advances towards the initial resistance level of $0.00085, the bullish market may encounter significant resistance at this juncture.
Insights from the 1-Hour Perspective:
The bullish price recovery appears to have encountered resistance, with the price action consistently facing rejection near $0.0008378. A substantial cluster of sell orders around the $0.00085 mark poses a significant challenge to the ongoing bullish recovery. Additionally, the current low trading volume in the market suggests the possibility of price consolidation around this level before a potential continuation of the bullish trend.
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