Sponge (SPONGE/USD) Sees a Growing Bullish Sentiment

The Sponge market started going bullish in the later part of yesterday’s daily market session. The bullish trend started with the appearance of a spinning-top candlestick pattern. This type of candlestick pattern is very significant as it is an indication that the bear market might be losing momentum. The bullish trend continued into today’s trading session and even up until the moment of writing this analysis.

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 market behavior might be the beginning of another bullish cycle that could achieve a higher price level. The bull market is bouncing into action. The price action is about catching up with the 20-day moving average, and because of this, the Bollinger Bands converge. The SPONGEUSD buyers tested the $0.0008 price level in the second 4-hour session of yesterday’s market, giving the impression of a growing bullish sentiment. As the bullish target is set at the $0.0008 price level, this can facilitate a higher support level that can help the bulls cover more ground.

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

From the standpoint of a 1-hour trading session, we can see that the bulls are aggressively claiming more price levels in the supply zone. Despite this, the Bollinger Bands indicate low volatility. The result of low volatility is weak resistance levels. That explains why the bull market has been progressive. The target of $0.0008 seems achievable.

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