Sponge (SPONGE/USD) Secures a Strong Bullish Base at $0.0005366
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The $0.0005366 was a point of decision in the last SPONGEUSD bull market. Also, in the current market trend, it is acting as a brick wall for the bear market. The bear market started on May 7 at an all-time high price of $0.0024. As the market approached the $0.0005366 price level again, the bear market seemed to be losing strength, and because of this strong support level, the market was forced into a 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
As the massive swing around this major price level cools off into a sideways-ranging market, the chance for an imminent bullish price breakout is building. The Bollinger Bands indicator contracts its two standard deviation curves to indicate that the price consolidation is reaching its climax. However, a major source of concern is the low volume of trade over the past three days. This factor could slow down the bullish trend, even though the market is set for upside action.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
From a 1-hour chart outlook on the market, the Bollinger Bands indicator has more convergent standard deviation curves than it has on the 4-hour timeframe. Even within this narrow price channel, the market remains above the 20-day moving average. At the beginning of today’s trading session, bulls took their base from the $0.0005 price level, but now they need to face bearish resistance at $0.00055. This has caused the Bollinger Bands to contract as the struggle between demand and supply intensifies. With growing bullish sentiment, SPONGE/USD should be able to make another bullish target soon.
The SPONGEUSD is on the rise.
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— $SPONGE (@spongeoneth) May 15, 2023
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