Sponge/USD ($SPONGE) Bull Market to Emerge from the $0.000096 Price Level
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Contrary to earlier expectations, which were based on the formation of higher lows, the $SPONGE pairing now shows signs of falling short of breaking the $0.0001015 threshold. The reversal in price dynamics commenced on September 18 and has since gained momentum during today’s trading session. The bearish trend has successfully breached both the $0.0000999 and $0.0000989 support levels. With these key price levels now under the control of bearish sentiment, the next significant target is the $0.000096 mark. This level is increasingly likely to serve as a potential pivot point for a market rally.
Key Levels
- Resistance: $0.000115, $0.000120, and $0.000125.
- Support: $0.00010, $0.000090, and $0.000080.
Sponge (SPONGE/USD) Price Analysis: Insights from Indicators
The bearish momentum is particularly noteworthy, symbolized by the emergence of a Marubozu candlestick pattern. This intensified the $SPONGE bearish pressure is evident in the widening divergence of the Bollinger Bands, indicative of heightened and potentially explosive volatility. Given the current market trajectory, there is a strong probability of a robust and highly significant rebound occurring as the market approaches the $0.000096 price level. This price point holds a pivotal role as a formidable support, serving as the final line of defense for the bullish outlook with a low likelihood of breaching.
Furthermore, the Relative Strength Index (RSI) now indicates a slight dip into the oversold region, precisely registering at 28.25. It is worth noting that the price rebound may not materialize until the market approaches this critical support level, as traders appear to be targeting this juncture as their entry point into the market.
$SPONGE Short-Term Outlook: 1-Hour Chart
Despite the prominence of bearish candlesticks, which maintain their significance even in shorter timeframes, it is noteworthy that this market dynamic lacks substantial trading volume to substantiate its impact. Furthermore, the Bollinger Bands, while exhibiting a pronounced divergence in their two standard deviations, have yet to establish a definitive direction. This uncertainty implies that the prevailing bearish trend may act as a catalyst for a forthcoming substantial price rally.
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— $SPONGE (@spongeoneth) September 21, 2023
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