SPONGE/USD ($SPONGE) Bulls Begin to Turn the Market in Their Favor

Continuous bearish pressure has caused the $SPONGE bulls to shift their baseline below the $0.00013 price level. The bulls seem to have firmly secured their position at $0.0001267, and from here, we have noticed the market gaining upward momentum, now crossing above the 9-day moving average.

Key Levels

• Resistance: $0.0004, $0.0045, and $0.0005.
• Support: $0.00012, $0.00011, and $0.00009

SPONGE/USD ($SPONGE) Price Analysis: The Indicators’ Point of View

The Moving Average Convergence and Divergence (MACD) Indicator indicates a bullish crossover below level zero in the $SPONGE market, signaling a shift in favor of the bulls. However, there is a cause for concern as the two MACD lines suggest low bullish momentum, with the upward movement of the line not being particularly strong. This could be attributed to the market facing resistance below the 20-day moving average line.

SPONGE/USD Short-Term Outlook: 1-Hour Chart

In a smaller timeframe, the Bollinger Bands indicator shows an upward-moving price channel. However, the price action performing above the upper standard deviation line may indicate that the $SPONGE market is in the overbought territory, leading to a price correction back within the bands of the indicator. Nonetheless, the price continues its upward trajectory, and SPONGE seems to have the potential for further bullish actions.

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— $SPONGE (@spongeoneth) July 24, 2023

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