SPONGE/USD ($SPONGE) Price Is On the Rise
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The price of $SPONGE began to rise in the latter part of yesterday’s trading session, and it continued into today’s trading session. As the price of the market rises, liquidity seems to be almost one-sided as the bullish candlestick patterns appear as marubozu candles. This means that bulls were in full control of the particular 4-hour trading session.
Key Levels
- Resistance: $0.0004, $0.0045, and $0.0005.
- Support: $0.00013, $0.00012, and $0.00011
$SPONGE (SPONGE/USD) Price Analysis: The Indicators’ Point of View
Although the $SPONGE price has now moved above the 9-day and 20-day moving averages, indicating bullish sentiment, it is important to note that the upper standard deviation of the Bollinger Bands indicator has not had much of a response to this upward movement.
This lack of expansion in the upper band suggests that the bull market needs more demand to sustain the upward trend. Therefore, the bull market needs the entrance of more traders so that it will break out of this price channel. Buying the market at this level offers the potential for a huge return on investment.
$SPONGE Short-Term Outlook: 1-Hour Chart
Viewing the $SPONGE market from this perspective, we notice that the market is now having higher lows, and the Bollinger Bands indicator now shows that the horizontally moving price channel is changing to an upwardly moving price channel.
Additionally, the presence of marubozu candlestick patterns during the upward swing further reinforces the bullish sentiment. Marubozu candles indicate strong buying or selling pressure, depending on whether they are bullish or bearish. In this case, the marubozu patterns suggest bullish dominance.
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— $SPONGE (@spongeoneth) July 12, 2023
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