SPONGE/USD ($SPONGE) Finds New Support at $0.0001411
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The Sponge and USD pair is kept above the $0.00014 price level as the market bounces off the $0.0001411 price level. However, this SPONGE/USD bull market was soon to encounter a near-barrier at $0.0001428. This new resistance is keeping the market below the two moving averages, a sign that bears still have the upper hand.
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
Although the SPONGE/USD market is under the two moving averages, it is very likely that rather than the price falling below the $0.00014 price level, it will consolidate around the $0.0001411 price level, strengthening the support level for an upward action.
The Relative Strength Index (RSI) continues to measure the selling momentum around the 33.21 level. The selling momentum is still on the high side, but bulls are keeping a firm grip on the $0.0001411 price level. As they keep rejecting the bearish price at this key support level, the selling momentum will reduce, making way for upside action.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
This outlook on the SPONGE/USD market reveals how bulls are trying to conserve their position above the $0.00014, making the $0.00014 itself their last line of defense. Buyers are trying to prevent the market from falling below this key support.
However, sellers are mounting pressure on this price level. This is evident by the appearance of the lower highs, while the support remains unaffected. But as the market continues its horizontal movement along the threshold of oversold territory, it is more likely to rise soon.
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