SPONGE/USD ($SPONGE) Bulls Strengthen the $0.00016 Price Level to Turn the Market Around
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$SPONGE bulls have been doing well since June 10 to stop bearish advances and limit the progress of the bear by forming strong barriers in the $0.00017 price zone. However, bears have been making slight progress, pushing the market to the edge of the $0.00016 price zone. More bullish power is needed to break the Sponge market out of its indecision.
Key Levels
- Resistance: $0.0004, $0.0045, and $0.0005.
- Support: $0.00015, $0.00014, and $0.00013.
SPONGE/USD ($SPONGE) Price Analysis: The Indicators’ Point of View
One of the possible outcomes of the price consolidation in the current price zone is that the demand level will be strengthened, and the $SPONGE market is more likely to change direction from here. In the Relative Strength Index, the market now moves along the edge of the oversold region. With the market at this level, the next price breakout may set the market sailing in the direction of the bulls.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
The Sponge market needs more bullish power to break the deadlock. Although the current market trend is indecision, the $SPONGE bears have a slight upper hand as they are pushing the market towards the $0.00016 price zone. Also, according to the Relative Strength Index (RSI), the market is having more swing lows than swing highs. However, it is not likely that the market will be able to go beyond the $0.00016 price level, as a strong bull market may be triggered from below this level.
SPONGE/USD is off to the moon.
When $Bitcoin goes down… 😱📉 pic.twitter.com/CAVra6lcdk
— $SPONGE (@spongeoneth) June 13, 2023
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