$SPONGE (SPONGE/USD) Bulls Trying to Establish $0.0008 as Support, Anticipating a Rally Ahead
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The $SPONGE market has surpassed previous forecasts by reaching the $0.0008 price milestone. During the recent trading session, the bullish momentum intensified, pushing the price to an impressive peak of $0.0012. This significant price increase prompted a considerable amount of profit-taking. Due to the heightened $SPONGE market volatility resulting from the recent bullish activity, the subsequent price retracement was as notable as the initial surge.
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):
The $SPONGE market experienced a brief bearish phase, initiated at the peak of $0.0012. This downturn encountered resistance near the $0.000838 support level. However, as profit-taking activities intensified, the bearish pressure breached this support. The $0.0008 level is now anticipated to serve as a significant bullish stronghold, with traders likely considering purchases around this price point.
The Moving Average Convergence Divergence (MACD) recently exhibited a bullish crossover, accompanied by a negative histogram, marking the initial confirmation of the bearish trend. Nonetheless, given that the MACD lines remain above the zero level—indicative of the bullish zone—the bulls appear to retain control. Furthermore, with price actions maintaining levels above the 20-day moving average and residing within the bullish zone of the Relative Strength Index (RSI), there is potential for bullish strategies to be reemployed.
Insights from the 1-Hour Perspective:
Prior to the expected price rally or upward retracement, as observed from this shorter timeframe perspective, a consolidation phase is likely to occur, which is currently evident on the chart. Price movements have already started to stabilize, indicating a balance between supply and demand. Additionally, the Moving Average Convergence Divergence (MACD) is displaying diminishing bearish histograms, suggesting waning bearish momentum that may soon pave the way for a bullish price movement.
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— $SPONGE (@spongeoneth) January 8, 2024
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