SPONGE/USD ($SPONGE) Bullish Intervention Above $0.0003 Prepares the Market for Upward Price Action
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The $SPONGE bullish market initiated an upward trajectory on November 10. This bullish momentum gained further strength on November 12, following the establishment of a support level at $0.00029. The substantial bullish movement resulting from this support level significantly increased market volatility. However, traders successfully established $0.00033 as a higher support level, leading the market to cool above it and enter a consolidation trend.
Key Price Levels
- Resistance: $0.0006, $0.00065, and $0.0007.
- Support: $0.00012, $0.00011, and $0.00010.
$SPONGE (SPONGE/USD) Price Analysis: Technical Insights
The assertive $SPONGE bullish surge observed on November 12 and 13 led to a notable increase in market volatility, a phenomenon effectively utilized by the bulls to secure a higher price level. This market development gave rise to the formation of a symmetrical triangle price pattern, indicative of equilibrium between demand and supply forces. In situations like this, the market may exhibit a breakout in an upward or downward direction, or it may continue into a consolidation trend. Traders should remain vigilant for signs of the price breaking above the immediate resistance to gain clarity on the next market direction.
Short-Term Outlook: 1-Hour Chart
Examining the 1-hour chart for market analysis reveals a gradual narrowing of the price channel, signaling increasing market indecision approaching a climax. This volatility squeeze typically precedes a significant price movement in the market. With the bulls maintaining support above the $0.00034 price level, there is potential for the next directional movement in the market to be upward.
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— $SPONGE (@spongeoneth) November 17, 2023
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