SPONGE/USD ($SPONGE) Prepares for Bullish Action
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Bullish momentum is mounting around the $0.0001044 price level, coinciding with its resistance role. The adjacent support level rests at $0.0001030, serving as the launching point for the present $SPONGE bullish pressure. Notably, this existing demand level stands as a more elevated support compared to the $0.0001022 level, observed as the support on August 17, marking a pivotal juncture that reinvigorated the bullish presence.
Key Levels
- Resistance: $0.0004, $0.0045, and $0.0005.
- Support: $0.00011, $0.00010, and $0.00009.
Sponge (SPONGE/USD) Price Analysis: The Indicators’ Point of View
As per the Relative Strength Index, the market has retraced to a state of balance, suggesting that the demand side is aligning and could potentially supersede the supply side at this juncture. This development is attributed to the resilient support provided by the $0.0001030 and $0.0001000 levels, effectively impeding bearish sentiment.
Should the $SPONGE bulls manage to conquer the $0.0001039 resistance level, it could mark a pivotal change in market dynamics, potentially initiating an upward trajectory. It’s worth noting that despite the prevailing scarcity in trade volume, this shift might set the stage for an upward move.
$SPONGE Short-Term Outlook: 1-Hour Chart
The 1-hour timeframe maintains its depiction of the market as trending eastward, despite the initial hour of today’s trading session commencing with a pronounced downward price movement. Upon reaching the $0.0001030 price level, the bearish movement prompted an immediate shift to bullish momentum. The ensuing hour featured a marubozu candlestick, indicative of complete bullish control.
Nonetheless, the noteworthy movements from opposing sides have yet to establish a definitive market direction. Rather, they have alleviated the tense situation, providing both bulls and bears with an opportunity to influence the market.
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Where the haters at? 🧐👀😂 pic.twitter.com/CTuc4rz1qs
— $SPONGE (@spongeoneth) August 28, 2023
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