$SPONGE (SPONGE/USD) Bulls Now Face the $0.0010 Resistance Level
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The market has been experiencing significant upward momentum recently. However, the $0.0010 price level has attracted bearish sentiment. Given the low trading volume, the $SPONGE market may encounter substantial resistance around the $0.0010 mark. Nevertheless, if the bull market maintains its position above the 20-day moving average, there is potential for the bulls to sustain the upward trend.
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):
In the last session, a gravestone candlestick pattern emerged, indicating increasing bearish momentum. In the current 4-hour session, the price appears to be trending bearishly; however, the market remains above the 20-day moving average. This suggests that the $SPONGE bulls are still active in the market. Additionally, as the market remains above the 20-day moving average, the Bollinger Bands continue to depict an upward price channel, which is indicative of bullish activity. Given the appearance of low histograms on the volume indicator, it suggests that the current bullish market may struggle to surpass certain levels.
Insights from the 1-Hour Perspective:
Based on the Moving Average Convergence and Divergence (MACD) indicator, we observe that the histograms are displaying a faded green color and diminishing height, suggesting waning bullish momentum. Concurrently, bearish momentum appears to be strengthening. Nevertheless, the prevailing bullish sentiment persists, albeit with low trading volume. Consequently, the $0.0009 price level may serve as a critical support level to sustain the current bullish trend.
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— $SPONGE (@spongeoneth) January 10, 2024
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