Sponge (SPONGE/USD) to Bounce Back at the $0.0003150 Price Level
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The SPONGE/USD market, after peaking at the $0.0025 price level on May 8, began a massive bear market that was later pegged at the $0.0005 price level. The selling pressure could no longer drive the market below the $0.0005 price level; instead, the volatile market cooled off into a ranging market. Prices oscillated around the $0.0005 price level.
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
The tug-of-war between demand and supply cooled off gradually into a consolidation price trend from May 14 to May 22. The Bollinger Bands indicator contracted more and more as the struggle continued at this level. Since the $0.0005 price level was a key level of decision in the last bull market, it was expected the level would be strengthened as a bullish fortress. However, as the consolidation trend reaches its peak, we now begin to see a bearish breakout. The Moving Average Convergence and Divergence (MACD) indicator is beginning to show signs of a bullish recovery. The negative histograms are now appearing in faded red, and the lines are recoiling from below level zero.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
From a 1-hour timeframe standpoint, the Relative Strength Index shows the market in oversold territory. Therefore, there is a high possibility that the market will start rallying from $0.0003150. Although the downtrend is not a steep one; that was a result of the faceoff between forces of demand and forces of supply, bears are now slightly gaining an upper hand over bulls. However, the momentum of the market measures at level 13, and bullish sentiment should begin to grow from this point in the market.
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