$SPONGE (SPONGE/USD) Targets $0.00004: Bulls Hold the Upper Hand in Market Momentum
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
During the previous 4-hour trading session on September 1, the $SPONGE market experienced a significant downward movement. However, this decline prompted traders to buy aggressively, causing the price to surge and move closer to the $0.00004 level. The resistance level remains crucial for maintaining bearish sentiment, and as anticipated, as the price approaches this level, price action becomes increasingly flat, with doji candlesticks appearing.
Key Market Dynamics:
- Resistance Levels: $0.0010, $0.0011, $0.0012
- Support Levels: $0.000026, $0.000025, $0.000024
$SPONGE (SPONGE/USD) Technical Outlook
As the market approaches the $0.00004 price threshold, candlestick patterns become flat, suggesting that the upward trend may be reaching its limit. This makes the resistance level at $0.00004 particularly strong. Given the $SPONGE market’s flatness at this level, we might not expect much from the ongoing bullish momentum. Even the Relative Strength Index (RSI) is now hovering around the overbought region, near the 70 level. When price action occurs in this territory, a pullback is likely. Another indicator is the trading volume, which now shows very small histograms, signaling decreased market activity.
Despite these bearish crypto signals, historical market performance reveals ascending lows, indicating that bulls may be systematically positioning for a breakout at $0.00004. While a brief correction could occur due to the declining momentum as the market nears this level, the consistent formation of ascending lows could set the stage for a potential breakout.
$SPONGE (SPONGE/USD) 1-Hour Chart Insights
From this perspective, we observe that as the price action surged toward $0.00004, an initial resistance level emerged at $0.000039, causing a pullback after reaching this point. However, the bulls quickly established a support level at $0.000038, leading to another upward movement despite the prevailing bearish sentiment. The price action may encounter another pause at $0.000039, but if the support level at $0.000038 holds, a breakout could become a reality.
Absorb the damp with SPONGE/USD!
Not blinking until #AltSeason starts pic.twitter.com/AbXWXagpR3
— $SPONGE (@spongeoneth) September 2, 2024
Join the SPONGE community and be part of the next big crypto sensation! Buy Sponge ($SPONGE) today!