Sponge (SPONGE/USD) Is to Rise From $0.000274
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After tension built around the $0.00029 price level in the previous daily session, the demand line eventually yielded to bearish pressure, and as a result, the SPONGE/USD market is now around $0.000274. At this point in the market, a rebound is very likely to play out, as bulls could gather momentum for significant action from below the former support level.
Key Levels
- Resistance: $0.00040, $0.00045, and $0.00050
- Support: $0.00025, $0.00020, and $0.00019
Sponge (SPONGE/USD) Price Analysis: The Indicators’ Point of View
Traders will begin to buy the dip as the indicators begin to point to the fact that the market is currently oversold. That means the SPONGE/USD bears have reached the limit of their strength, and the market will correct itself back into the normal market range. Bulls can take advantage of this to bounce back into action, as bears may not be able to go further from here because the volume of trade is low.
Sponge Short-Term Outlook: 1-Hour Chart
Even on a 1-hour chart timeframe, the volume is quite low. The Relative Strength Index (RSI), is far into the oversold territory. It measures at level 23. The Bollinger Bands indicator, however, reflects a considerable amount of volatility. That means, with the volatility, the bulls still have a chance.
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