Sponge (SPONGE/USD) To Rise from $0.0004481
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The previous Sponge bullish run took the price to a high of $0.002 before a bearish trend kicked in. The bearish trend may be coming to an end at the $0.0004481 price level. This support price level was a decision point in the previous uptrend and might as well play a major role in the bullish price retracement. The bull market may bounce back at this price level, and in the next bullish cycle, the market may hit a higher supply level.
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Key Levels
- Resistance: $0.0007855, $0.0010, and $0.00117
- Support: $0.00040, $0.00035, and $0.00032
Sponge Bob (SPONGE/USD) Price Analysis: The Indicators’ Point of View
Because liquidity in both the bull market and the bear market has increased, the Bollinger Bands widen to show that market volatility is on the high side. It also shows that interest in the market is high. Moreover, it shows the possibility of a bullish trend issuing from the $0.0004481, which was the decision point in the previous bullish run. Although the price action is still below the 20-day moving average and the 9-day moving average, the market is still on the rise and will soon catch up with the moving averages.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
From a 1-hour standpoint, the Bollinger Bands indicator began to converge as the tug-of-war intensified due to a reduction in the volume of trade and competing interests between the buyers and the sellers in the later 1-hour trading session. More traders may enter the bull market in the next daily session, as the market now rests on the key support level.
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