SPONGE/USD ($SPONGE) Is Set for Bullish Actions

After $SPONGE hit the $0.0001580 price high, the bear market seemed to be triggered too soon. At first, it looked like a price retracement, as the price decline paused at the $0.0001526 price level between June 22 and June 24.

However, the bearish price has ventured more into the demand zone. The $0.0001450 is a bullish price landmark; an upside rebound is expected at this level, so the bearish price has been continuously rejected at this level since the market hit this point in today’s market.

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

Looking through the Moving Average Convergence and Divergence (MACD) indicator, the appearance of faded red histograms supports the expectation $SPONGE of a price rebound at the $0.0001450 support level. The MACD lines have begun to change direction in response to the bullish sentiment around the current support level.

SPONGE/USD Short-Term Outlook: 1-Hour Chart

As we can see from the 1-hour chart outlook for the market, a bullish recovery is in progress. Although, within the day’s trading session so far, a resistance level has formed at $0.001467, bulls held firmly to the support level, and the market is currently bouncing back from below the two moving averages, which are the 9-day moving average and the 20-day moving average.

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— $SPONGE (@spongeoneth) June 26, 2023

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