SPONGE/USD ($SPONGE) Bull Reclaims $0.00012
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In an attempt to reclaim the crucial $0.00012 price level, $SPONGE bulls are regrouping at $0.000118. At this new support level, the bearish price breakouts are being cut short. Towards the end of July, the struggle between demand and supply reached its climax, resulting in a bearish breakout. However, the bulls quickly responded and prevented a further price decline.
Key Levels
- Resistance: $0.0004, $0.0045, and $0.0005.
- Support: $0.00011, $0.00010, and $0.00009.
SPONGE/USD ($SPONGE) Price Analysis: The Indicators’ Point of View
The $SPONGE bear market commenced around mid-July, when the price reached its peak at $0.000145, driving it deeper into the demand zone. On July 25, a demand level materialized slightly above the $0.00012 price point, but the bullish sentiment trapped the market in a consolidation trend until the bears asserted control and brought the price down to $0.00012 by July 31, compelling the bulls to seek refuge at $0.000118.
The indicators currently indicate that the market is within the sell zone and continues to range below. Despite the price showing strong movement, the bull market responded significantly as traders took advantage of the dip to enter long positions. Nevertheless, the bull market still requires the participation of more traders to gather momentum.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
In the 1-hour timeframe, we observed a robust bearish candlestick signaling another minor breakout following a tug-of-war at the $0.0001193 price level. Nevertheless, the new support level remains resilient, acting as a formidable barrier against the bear market. Traders are showing renewed interest at this level, resulting in a price rebound.
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