Sponge (SPONGE/USD) Is Still in the Demand Zone, Buy the Dip!

The SPONGE/USD bear market gained a bit of momentum towards the end of the previous daily session. This may have caused the volatility in the market to increase. As the Sponge bear market gains traction to push the price further into the demand zone. By doing this, they were able to break the deadlock. The Sponge bulls may eventually respond to this and turn the market around.

 Key Levels

• Resistance: $0.0007855, $0.0010, and $0.00117
• Support: $0.00040, $0.00035, and $0.00032

 Sponge (SPONGE/USD) Price Analysis: Indicators’ Point of View

The market, from the indicator’s standpoint, might see a trend reversal soon. This is because the growing bearish sentiment has sent the price further into the oversold zone. The SPONGE/USD market may be reaching a comfortable price for traders to buy. According to the Relative Strength Index (RSI), the bearish momentum measures 9.73. At this level, the market is set for a trend reversal because it is oversold at the current price. Correctional price movement and growing bullish sentiment may bring about the anticipated trend reversal.

Sponge Short-Term Outlook: 1-Hour Chart

The diverging bands of the Bollinger indicator are a pointer to the increasing volatility in the market. This is good for the bulls at this current price level because the volatility is a sign of growing interest in the market at this point in time. This can also affect the Sponge bull market positively, as strong volatility coupled with growing bearish sentiment can rally the price significantly.

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