$SPONGE (SPONGE/USD) Surges from Key Support, Bullish Momentum Returns to $0.00004
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After facing rejection at the key resistance level of $0.000039, $SPONGE dropped to its crucial support at $0.00002. It is now rebounding from this level, with the bullish recovery reaching the resistance zone once again. Profit-taking is currently underway as multiple attempts to break above the $0.00004 resistance have encountered selling pressure. For the bulls to maintain control, they must establish a higher support level above the critical $0.00002 zone. This will build the momentum needed to break through the $0.00004 resistance and sustain the rally toward the $0.00005 price level.
Key Market Dynamics:
- Resistance Levels: $0.0010, $0.0011, $0.0012
- Support Levels: $0.000020, $0.0000195, $0.000019
$SPONGE (SPONGE/USD) Technical Outlook
The $SPONGE market remains highly volatile, as indicated by the wide Bollinger Bands on the 4-hour chart, suggesting that significant price swings are still likely. In such a market, investors need to stay alert and closely monitor price movements to capitalize on trading opportunities. Following the recent bullish surge, the crypto signal briefly rallied above the $0.00004 level, with momentum driving prices toward $0.000045. This upward move triggered profit-taking at the highs, but bullish traders re-entered around the $0.00004 threshold. If the bulls can maintain support at this level, the market could stay on course for a move toward $0.00005.
SPONGE/USD 1-Hour Chart Insights
Looking at the historical performance of the market, the $0.00004 price level has consistently acted as a point of rejection. Therefore, a pullback from this level is likely. However, we can also anticipate the bulls to establish support around the $0.000035 level, which has previously served as an equilibrium point in the market. If the bulls can maintain stability at this support level, they may be able to push the market higher and sustain upward momentum.
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