SPONGE/USD ($SPONGE) Price Retraces the Resistance Level
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As the bullish momentum from the previous day’s bull market continued to strengthen, it suddenly experienced a significant surge, rising from $0.0000978 to $0.0000996. However, this robust bullish price movement was swiftly counteracted by the subsequent bearish trend it initiated. Subsequently, with the price $SPONGE rebounding to $0.0000977, it appears that a support level has potentially materialized in this range. Since then, the market has been exhibiting a pivot towards an upward trajectory.
Key Levels
- Resistance: $0.000115, $0.000120, and $0.000125.
- Support: $0.000090, $0.000080, and $0.000085.
Sponge (SPONGE/USD) Price Analysis: The Indicators’ Point of View
The $SPONGE market has maintained a bullish trajectory since its rebound at $0.0000977, demonstrating sustained bullish momentum. Moreover, the trading volume indicator provides robust data supporting the prevailing bull market sentiment. Market performance has consistently resided within the bullish domain, although the Bollinger Bands indicator is now indicating an increase in volatility, which could potentially strengthen the bearish market. Nonetheless, in the event that the bullish market fails to breach the key resistance level, there is a possibility that a higher support level may establish itself, exerting additional pressure on the resistance and potentially leading to a breakthrough in favor of the bull market.
$SPONGE Short-Term Outlook: 1-Hour Chart
On a shorter time frame, the advancement of the bull market is increasingly conspicuous and consistent. As the market approaches the pivotal resistance level, we may anticipate a period of consolidation at this juncture. This anticipation gains credence as the persistent buying pressure has driven the market into overbought conditions. Consequently, there is anticipation of a price correction before the market resumes its upward trajectory.
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