Sponge (SPONGE/USD) to Bounce Back From $0.000148
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Breaking into the $0.00015 price zone is a major achievement for the SPONGE/USD bulls after they were able to turn the market around at $0.000137 on June 15. Since then, higher lows have begun to form on the 4-hour chart. On June 23, another higher low was formed above the $0.00015 price level, but bears seem strong here, so the market had to fall slightly below this price mark.
Key Levels
- Resistance: $0.0004, $0.0045, and $0.0005.
- Support: $0.00015, $0.00014, and $0.00013.
Sponge (SPONGE/USD) Price Analysis: The Indicators’ Point of View
Currently, in both the Bollinger Bands indicator and the Relative Strength Index, the market is moving in the bearish zone as the price retracement appears to be going too far. After the SPONGE/USD bears broke the demand level at $0.000151, a lower support level now forms at $0.000147.
There is a possibility that the SPONGE/USD market will bounce from this new low because the lines of the Relative Strength Index indicator range sideways at level 37.97. As it ranges at this level due to a bullish reaction, the market may eventually bounce from there.
Sponge Short-Term Outlook: 1-Hour Chart
From the point of view of the 1-hour chart outlook, there is a reason for concern as the price has fallen below the $0.000148 price level, which was yesterday’s demand level. Currently, the market seeks solid ground below it. The $0.000145 is very likely to be the point at which the market will turn to the upside.
As volatility increases in the bear market, the Bollinger Bands expand, showing the possibility that bulls might respond to the current bearish run, thereby setting the market back on course as it bounces back from the level.
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