SPONGE/USD ($SPONGE) Price Surpasses the $0.000100 Price Mark
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Since September 25th, the SPONGE/USD market has experienced a notable increase in volatility. Liquidity within the bullish market has gained considerable momentum, even after a brief price rejection at approximately $0.00009954. The bullish trend has demonstrated consistent liquidity supply, ultimately propelling the market above the critical price threshold of $0.000100.
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
Despite the substantial bullish rally exerting a considerable influence on the upper Bollinger Band and the 20-day moving average of the Bollinger Bands, the lower band remains unresponsive to the evolving market dynamics. This phenomenon indicates that persistent buying pressure has pushed the SPONGE/USD market into an overbought condition. Consequently, traders may be inclined to initiate profit-taking strategies around the $0.00001019 price point. Nevertheless, there is a positive development as a robust support level, potentially sustaining the bullish momentum, has established itself at approximately the $0.0001009 price level.
$SPONGE Short-Term Outlook: 1-Hour Chart
Upon closer examination of the $SPONGE market, it becomes evident that a substantial resistance barrier has emerged at the $0.0001019 price point. Concurrently, the Relative Strength Index (RSI) has ventured into overbought territory, implying a potential for a price correction. Nonetheless, the presence of a higher support level assumes a pivotal role in sustaining the ongoing bullish trajectory.
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— $SPONGE (@spongeoneth) September 28, 2023
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