SPONGE/USD Forms Higher Support Zone as Bulls Regain Control
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
Following a sharp retreat from the $0.00011 resistance level, SPONGE/USD has started to exhibit renewed signs of bullish momentum. The market’s ability to rebound from its recent dip and establish a higher low marks a constructive shift in sentiment. This development suggests that buyers are gradually reclaiming dominance, with a potential push higher now within reach.
The formation of a higher support base signals growing confidence among traders, even as the market consolidates just above the $0.00010 region. This range may serve as a short-term foundation from which another upward move could emerge. If the pair maintains its footing near $0.000104, bullish continuation becomes increasingly likely.
Technical Levels to Keep in Focus
-
Immediate Resistance: $0.000115, followed by $0.000120 and $0.000130
- Support Levels: $0.000090, $0.000085, and deeper at $0.000080
SPONGE/USD Daily Chart Outlook: Squeeze Signals Incoming Volatility
From the daily timeframe, SPONGE/USD is entering a compression phase, as evidenced by narrowing Bollinger Bands. This setup often foreshadows a period of high volatility and sharp directional movement. After recovering from a correction, the price is stabilizing around $0.000104—just above its previous higher low. This structure adds weight to the bullish narrative.
If the current support holds, the price could soon aim for a breakout, potentially targeting $0.00014 in the next leg. The current squeeze indicates that a strong price movement is brewing, and traders should remain alert for confirmation of a breakout.
4-Hour Chart View: Oversold Recovery Hints at Accumulation
Zooming into the 4-hour chart, the earlier drop pushed the pair into oversold conditions. However, this decline occurred on diminishing volume, typically a sign that selling pressure is weakening. The price has since found stability around $0.000104, a zone that may now act as a magnet for buyers.
The current quiet phase, marked by low volatility and volume, may reflect market accumulation. Historically, similar conditions have preceded bullish reversals. While caution is always warranted, the market setup is beginning to favor a potential recovery scenario—especially if demand builds at current levels.
Overall, SPONGE/USD is showing early signs of a trend reversal, supported by higher lows, narrowing volatility, and softening bearish pressure. If buyers hold ground above $0.000104, a surge toward previous highs—and beyond—could materialize. With volatility poised to return, this may be the calm before a bullish storm.
Buy $SPONGE!
That feeling when you blow another account. IKYK. 💦 pic.twitter.com/PlsEkis7qx
— $SPONGE (@spongeoneth) June 13, 2025
Join the SPONGE community and get in on the next big crypto opportunity! Buy Sponge ($SPONGE) today
