SPONGE/USD ($SPONGE) Pushing Through Towards the $0.0096
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In the most recent daily trading session, the SPONGE/USD market experienced a notable upward trend. This market observed a substantial influx of traders favoring the bullish side, leading to a surge in prices to $0.0096. The heightened volatility during the previous bullish session has rendered the $0.0096 price level a significant challenge for bearish movements, culminating in a substantial retracement.
Key Price Levels
- Resistance: $0.000115, $0.000120, and $0.000125.
- Support: $0.000090, $0.000080, and $0.000085.
Sponge (SPONGE/USD) Price Analysis: Technical Insights
The SPONGE/USD price retracement from the vicinity of the $0.0096 price level resulted in a return to an equilibrium point. The establishment of a new support level above this equilibrium point, specifically the 20-day moving average, initiated a bullish recovery toward the $0.0096 threshold. As a result, the uptrend remains intact, and the Bollinger Bands continue to depict an upward-moving price channel. This reflects the effectiveness of the bulls in capitalizing on heightened market volatility to establish a stronger support level, thereby sustaining the bullish trend.
Short-Term Outlook: 1-Hour Chart
In a shorter timeframe, there is a possibility of price consolidation around $0.000095. During the 7th hour of today’s trading session, it seemed that a handful of traders attempted to steer the market in a bearish direction. However, the prevailing market sentiment continues to favor a bullish trajectory. This could serve as a reason to anticipate a further upward trend, as the low trading volume did not align with the recent bearish move, indicating the weakness of bearish forces. Consequently, the market may sustain its upward momentum.
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