SPONGE/USD ($SPONGE) On the Trail of $0.00015

The $SPONGE market rallies with the $0.00015 price level in view; however, buyers are being faced with the barrier of $0.0001473 resistance to deal with. The bull market seems pegged around the resistance price level, but it is set to break this resistance level.

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 market is now set to break the resistance because, since it bounced off the $0.00014 price level in late June, it has been having higher lows while the resistance remains at the $0.0001473 price level. These progressive higher support levels are increasing pressure on the resistance level.

In the Bollinger Bands indicator, the 20-day moving average and the lower band are responding to the bullish activities, but the upper band did not respond that much to the new development in the market. This shows that the Sponge bears might still be formidable at this resistance level. Buyers just need to keep a firm grip on their new demand level to keep the pressure on the resistance level.

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

From this outlook on the market, we discovered that after the market encountered the key resistance level, the retracement only resulted in another higher support level that seemed to be forming around $0.0001463. This price level is very close to the key resistance. This is a sign that bulls are determined to break the resistance level.

The SPONGE/USD pair is now live on bitgetglobal.

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— $SPONGE (@spongeoneth) July 3, 2023

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