Sponge (SPONGE/USD) Gains Bullish Momentum at $0.000295

Liquidity in the bear market exploded after aggressive bullish activities in the SPONGE/USD market propelled the market to a high of $0.0006 on May 22. The downtrend started on that day, and at this point in the market, it has continued until it nears the $0.000298 price level. As the market approaches this level, the selling momentum reduces, and the bearish trend succumbs to a price consolidation trend.

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

With the decline in the selling pressure, there is a growing accumulation of potential bullish price breakouts from the key support level. To this effect, we see a sharp decline in the SPONGE/USD market volatility level as the bulls catch up with the bears. That is why the Bollinger Bands have a sharp contraction as tension builds up in the bull market. However, due to the generally low volume of trade in the market, the bulls became exhausted too early, and they could not withstand the bearish resistance at $0.00035. The low volume of trade is a major concern in the Sponge market.

SPONGE/USD Short-Term Outlook: 1-Hour Chart

From a 1-hour outlook on the market, we can see how the strong bullish price was rejected. The market fell quickly below the 9-day and 20-day moving averages. Also, the 9-day moving average has just crossed the 20-day moving average, showing how strong the price retracement is. Buyers could not form support near the resistance level; however, at $0.0002984, a new support is forming, and it can become the basis for the continuation of the trend.

SpongeBob is on the rise.

#1 present for any occasion = $SPONGE ! 🎁🎉🧽 pic.twitter.com/LoHmDQtBCJ

— $SPONGE (@spongeoneth) May 27, 2023

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