SPONGE/USD ($SPONGE) Bulls Now Eyes the $0.0001457 Price Level
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Strong bearish sentiment issued from the supply level at $0.0001460, but as expected, the SPONGE/USD bear market could not go beyond $0.00014 because bullish sentiment was also strong at this level. Bulls have now been able to sustain a higher support level around $0.0001411, and the support level appears to have cut short the bearish move that issued from the $0.0001460 price level.
Key Levels
- Resistance: $0.0004, $0.0045, and $0.0005.
- Support: $0.00015, $0.00014, and $0.00013.
Sponge (SPONGE/USD) Price Analysis: The Indicators’ Point of View
Since the SPONGE/USD bearish price got rejected at the $0.00014 price level, the Sponge market has been making higher peaks. But the latest peak triggered a strong bearish move. The strong bearish move is currently being rejected at the new $0.0001411 support level. Since bears are failing to go beyond this bullish barrier, a bullish price rebound is playing out on the 4-hour chart.
The MACD line is progressing significantly and is ready to cross out of the bearish zone, and the histograms are becoming stronger and stronger. More bullish force is needed to support the price rebound.
Sponge Short-Term Outlook: 1-Hour Chart
From a 1-hour chart standpoint, the market is significantly bullish. The very recent bullish activity has spiked volatility in the market, so it is expected that the bears may fight back. But as the price turned back from $0.0001466, bulls were able to contain the responding bear market at the higher support level of $0.0001443. The Bollinger Bands are converging; this should precede another bullish price breakout.
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