Sponge (SPONGE/USD): Tension Is Building Around the $0.0002956
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Sponge buyers are beginning to target the $0.0003 price level for a bullish base as the market tests above it for the second time. There’s now a significant struggle around the $0.0002956 price level. Bullish support is very close to this price level. The support level is at $0.0002926, and the resistance level is not far from this 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
As the SPONGE/USD market gets tensed up because of the increased selling pressure and the unyielding support level, the Bollinger Bands converge against the price action. That means the market may soon break free from the deadlock and move in a clear direction. The bulls might have a chance in the next market breakout as, according to the Moving Average Convergence and Divergence (MACD) indicator, bullish prices are on a recovery. The MACD lines rally towards crossing out of the sell zone.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
In the last 1-hour session, we saw a very significant bullish move that may be putting the bull market in a vantage position to break out of the ranging market, but the volume of trade was not sufficient to keep the market on course. Because of this, it is looking like the current 1-hour session will maintain a complete bearish outlook. However, it is hoped that the support level will remain above the 20-day moving average so that buyers can keep having the upper hand over sellers.
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— $SPONGE (@spongeoneth) May 30, 2023
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