SPONGE/USD ($SPONGE) Price Rebounds to $0.0001136
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In our recent analysis, there was speculation that, given the strength of the current bull market, the SPONGE/USD market might experience a rebound from the $0.0001127 support level. However, contrary to expectations, the market has rebounded from the $0.0001136 support level, demonstrating notable bullish momentum. With the pivotal price level in close proximity to $0.0001140, this level may emerge as a significant support level.
Key Price Levels
- Resistance: $0.000117, $0.000120, and $0.000125.
- Support: $0.000090, $0.000080, and $0.000085.
Sponge (SPONGE/USD) Price Analysis: Technical Insights
The SPONGE/USD bull market is gaining momentum following the establishment of a pivotal support level at $0.0001142. Currently, the price is approaching the 20-day moving average, which stands at $0.0001155. The rapid recovery in the bull market is causing the Bollinger Bands to indicate a consolidation phase with a horizontal price channel. There is a possibility that the market may consolidate in this region to establish another support level. If such a support level emerges from this new consolidation trend, it could provide an opportunity for the bulls to further drive up the price.
Short-Term Outlook: 1-Hour Chart
In the 1-hour chart analysis of the SPONGE/USD market, an uptick in buying pressure has been observed. Initially, the Bollinger Bands exhibited a tightening of its bands as volatility decreased. However, the upper band of the indicator is now showing a response to the increasing buying pressure as buyers persist in pushing the price through resistance towards the $0.0001181 resistance level. If the $0.0001181 resistance is breached, the next potential target could be the $0.00012 level.
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— $SPONGE (@spongeoneth) November 8, 2023
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