Sponge (SPONGE/USD) Continues Around $0.000514, An Opportunity for More Buyers to Enter
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SPONGE/USD buyers dominated the first half of the day’s trading session. The massive buying within the session took the price to a high of $0.001. At this price level, the bear market was triggered, and in the bearish run, the bulls fell back to the support price level, which is $0.000514. The selling pressure caused the market to become flat around the support level.
Key Levels
- Resistance: $0.0007855, $0.0010, and $0.00117
- Support: $0.00040, $0.00035, and $0.00032
Sponge (SPONGE/USD) Price Analysis: The Indicators’ Point of View
The current support price level acted as a point of decision in the previous bullish trend. It formally acted as a resistance level in the last bullish cycle; now it is the support level. The bear market seems to be pegged at $0.000514. There is a chance that bulls could use this price level to stage another bullish trend. However, it is very likely that the market will first consolidate at this level before making a decisive move. The next direction of the market may be difficult to predict because the market is new and lacks sufficient historical data, which could be utilized for more market analysis.
$Sponge Short-Term Outlook: 1-Hour Chart
From a 1-hour price outlook, we are able to see how aggressive and progressive the bear market was before hitting a brick wall at $0.000514. After the market hit the support level, it went flat due to an intense tug-of-war between demand and supply at the level. The demand line appears to be very strong, and because of that, we can expect a bullish price breakout.
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— $SPONGE (@spongeoneth) May 12, 2023
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