Sponge (SPONGE/USD) Price Now at $0.0001408, Buy Now!

This is the best time to buy Sponge as the bear market continues to push the price further into the demand zone. The Sponge market could be considered to have been trending sideways since June 10, but the Sponge bears show more strength than the Sponge bulls. The market saw a brief volatility squeeze between June 13 and June 14, which could have signaled a decisive movement of the market, but the market eventually broke out to the downside.

Key Levels

• Resistance: $0.0004, $0.0045, and $0.0005.
• Support: $0.00014, $0.00013, and $0.00012.

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

Due to the aggressive bearish movement, the Bollinger Bands indicator had a very strong divergence.  Sponge Buyers could use this strong bearish movement to their advantage by responding to it. The significant bearish move has loosened up the market, so with the increased volatility, bulls can have a chance to take the market. According to the Relative Strength Index (RSI), the market is in the oversold region; therefore, bearish sentiment should fade off at this level.

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

From the Relative Strength Index (RSI), the market appears far below the 30.00 level; this is due to the selling pressure. However, the bullish support continues to hold at $0.0001529, even though the market appears flat at this price level. But the diverging Bollinger Bands indicator shows that there is a growing interest among traders in the Sponge market, and we may likely see the market turning to the upside soon.

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— $SPONGE (@spongeoneth) June 15, 2023

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