SPONGE/USD ($SPONGE) Gains Momentum Toward the $0.00010 Price Threshold
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As the SPONGE/USD market gains momentum on an upward trajectory, the prevailing market conditions indicate a tightening of volatility, often referred to as a ‘volatility squeeze.’ This pattern typically foreshadows the potential for a significant and decisive market movement.
In this case, there is a possibility of an upward surge in prices. Considering the recent market rally commencing from the $0.00097 price level, there is potential for the market to revisit its previous high of $0.000105. Furthermore, given the current market dynamics, there is even potential for the price to extend beyond and reach the $0.00011 threshold.
Key Levels
- Resistance: $0.000115, $0.000120, and $0.000125.
- Support: $0.000090, $0.000080, and $0.000085.
Sponge (SPONGE/USD) Price Analysis: The Indicators’ Point of View
Nevertheless, there are certain indicators that raise a notable concern regarding the ability of the bullish trend to sustain its recovery without encountering resistance at the $0.00010 price threshold. This concern primarily stems from the volume of trade indicator, which suggests caution is warranted.
However, it’s important to note that despite these concerns, the SPONGE/USD bullish market has consistently tested higher price levels, indicating the presence of a substantial number of traders who maintain a positive sentiment. Notably, the Relative Strength Index (RSI) has identified the $0.00010 level as the equilibrium price.
Should the bears manage to reach parity with the bulls at this juncture, there is a possibility of price consolidation around this level before witnessing a decisive movement within the market.
$SPONGE Short-Term Outlook: 1-Hour Chart
Examining the 1-hour chart provides insights into the market’s strategic use of price retracements to establish progressively higher support levels. The latest developments in the SPONGE/USD market reveal a retracement occurring after approaching the critical $0.00010 threshold. At present, the price has retraced to $0.0000995.
As observed previously, there is a potential for a support level to form at this juncture. Such a development would allow the market to exert bullish pressure on the $0.00010 price level, potentially leading to a significant price advancement.
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— $SPONGE (@spongeoneth) October 6, 2023
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