SPONGE/USD ($SPONGE) Is Back on the Trail of $0.00015
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The SPONGE/USD pair was able to find solid ground at $0.0001429 in the concluding 4-hour session of yesterday’s market, and it has so far made some impressive recovery in today’s trading session. Currently, the price stands at $0.0001464, and the outlook of the market suggests that bulls still have more to offer.
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
The SPONGE/USD‘s bullish recovery is about to take it out of the bearish zone. The price is nearing the 20-day moving average and getting ready to cross above it, and because of this, the bands of the Bollinger Indicator began to converge because demand is catching up with supply.
The selling momentum is also facing a decline, as the Relative Strength Index now measures 45.11. Apart from the $0.0001429 support level, the $0.0001438 has now become a higher support level, which is a sign that the SPONGE/USD bull market is bouncing back.
Sponge Short-Term Outlook: 1-Hour Chart
From a 1-hour chart perspective, the SPONGE/USD market is already in the buy zone. The price action is above both the 9-day moving average and the 20-day moving average. The Sponge bull market is gaining momentum as the session progresses. Though there have been some pullbacks as the price nears its mark, it is still obvious that, for now, demand is exceeding supply.
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— $SPONGE (@spongeoneth) June 27, 2023
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