SPONGE/USD ($SPONGE): Bulls Keep Pressure on $0.0001381
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The SPONGE/USD bear market is now facing a brick wall at the $0.000136 price level. The price is turning back to the upside from this crucial demand level. Take note of the slightly higher support level at $0.0001363 and the repeated testing of the $0.0001381 resistance level. This shows that Sponge is gaining upward traction.
Key Levels
- Resistance: $0.0004, $0.0045, and $0.0005.
- Support: $0.00013, $0.00012, and $0.00011
Sponge (SPONGE/USD) Price Analysis: The Indicators’ Point of View
According to the Relative Strength Index (RSI), the SPONGE/USD market has swung into the bearish zone since July 6, and it has been ranging sideways in the bearish section of the indicator since then. At the current position of the market, which is near the crucial demand level, an upside movement is very likely to follow the current consolidation trend. The Bollinger Bands indicator also supports the fact that a bullish price breakout is imminent. The Bands are contracting.
$SPONGE Short-Term Outlook: 1-Hour Chart
From the 1-hour time, we can see that the market is set for bullish actions. However, a source of concern is the low volume in the market, which could be the reason for the market spikes here and there in both the bull market and the bear market. The bulls still have the chance, as they have kept a firm grip on the demand level.
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— $SPONGE (@spongeoneth) July 11, 2023
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