SPONGE/USD ($SPONGE) Price Prepares to Rally
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The $SPONGE market is showing signs of a possible trend reversal at the $0.00018 price level. The last 4-hour session of the previous daily session ended with a completely bearish market. However, since the beginning of today’s market, the Sponge bear market seems to have hit a very strong brick wall at $0.00018. The market went flat around the price level. The price consolidation trend may usher in the Sponge bull 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
In the Moving Average Convergence and Divergence (MACD) Indicator, the negative histograms that represent strong bearish market volatility are now appearing in pale red colors. This is an indication of a possible upturn in the $SPONGE market from the current price level. The significant bearish move of the previous daily session is expected to trigger a response in the Sponge bull market. Another possibility is that the strong bearish move of the previous daily session may result in bearish exhaustion, which may eventually allow bulls to overrun the market.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
The Bollinger Bands of the 1-hour timeframe are beginning to experience a volatility squeeze, which is expected to come before an upside market movement. As the market went completely flat around $0.00018, the 20-day moving average catches up with it. The two standard deviation curves, the 20-day moving average and the 9-day moving average, are converging at $0.00018. The market is very likely to turn to the upside from this level.
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— $SPONGE (@spongeoneth) June 6, 2023
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