SPONGE/USD ($SPONGE) Price Rallies From $0.0001713, Buy Now!
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The SPONGE/USD bear market has hit a strong barrier at the $0.0001713 price level, and the market is now on a bullish price recovery. On June 5, the market saw a significant bearish move that led to a massive drop in the price. This significant bearish market movement is expected to trigger a response from the bulls. This move also caused a rise in the volatility level of the market. This is good as it loosens up the tension, giving the bulls the chance to overrun the market.
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
Although the strong bearish move of June 5 has loosened up the market, bulls have been unable to break out of indecision of around the $0.0001789 price level. The SPONGE/USD bears also are exhausted, therefore an upside movement is expected to play out. The Moving Average Convergence and Divergence (MACD) may be offering a ray of hope and an early buy alert. The MACD indicator now has a bullish crossover and progressive bullish histograms. This is a sign that bulls are beginning to gain the upper hand over the market.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
From the 1-hour market outlook, however, we still see the ongoing faceoff between buyers and sellers around the $0.0001732, but the Bollinger Bands are contracting. That means there is about to be a significant and decisive movement in the market. There is a high probability that the movement will be to the upside since the market is just recovering out of the oversold region.
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