SPONGE/USD ($SPONGE): Bulls Congregate Around the $0.00025 Price Level
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The recent analyses of the $SPONGE market have fallen short of the current market developments reflected on the chart. In the previous assessment, it was expected that the market would experience a rebound at the $0.00030 price level, identified as the last line of bullish defense. However, the bearish trend intensified to the extent that the $0.00030 support level succumbed to pressure. As a result, buyers are now regrouping around the $0.00025 mark.
Key Price Levels
- Resistance: $0.00035, $0.00040, and $0.00045.
- Support: $0.000250, $0.00020, and $0.00019.
Technical Insights for $SPONGE (SPONGE/USD) Price Analysis:
The recently established support level at the $0.00025 price mark appears robust and is poised to uphold a bullish recovery. Following the $SPONGE market’s descent to this level, a pivot was formed, steering the price action back in the direction of a bullish trend. Despite the Relative Strength Index indicating a position below the 50 level, the convergence observed in the Bollinger Bands indicator suggests a swift recuperation by the bulls. It is anticipated that they will promptly guide the market back onto a bullish trajectory.
Short-Term Outlook on the 1-Hour Chart:
Since November 22, SPONGE/USD buyers have successfully established a pivotal point for price action at $0.00025, propelling the price to $0.00028. The previously anticipated $0.0003 price level, initially considered a support and pivotal level during the preceding bear market, has transformed into the current resistance level. A notable bearish sentiment surrounds the $0.0003 price level, contributing to a substantial retracement after its attainment. Nonetheless, this resistance is expected to yield soon, given the emergence of a new support level at $0.000282. The formation of this new support level is anticipated to exert considerable pressure on $0.0003, ultimately leading to its breakthrough.
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— $SPONGE (@spongeoneth) November 20, 2023
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