SPONGE/USD ($SPONGE) Still Eyes Higher Price Levels
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The $SPONGE bull market appears to have established $0.0001015 as a key support level. Although the market briefly exhibited flat trading near this support level, the latest candlestick pattern on the chart suggests a potential indication of an upcoming bullish trend. Bullish momentum seems to be overcoming prior bearish resistance. As we approach the new trading week, there is a possibility of more favorable price prospects for traders in a bullish direction.
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
Analyzing the $SPONGE market through the lens of the Bollinger Bands indicator suggests a potential for upward movement, indicated by the convergence of the two standard deviations around the current price action. This convergence hints at the possibility of a significant upward breakout in the near future.
However, an alternative perspective on the market reveals that the breakout could also favor bearish trends due to the notably low trading volume. A more substantial trading volume would lend greater credibility to the bullish momentum. It’s worth noting that a scenario may arise where a select group of influential market participants initiates buying, potentially catalyzing a bullish market direction.
$SPONGE Short-Term Outlook: 1-Hour Chart
On the 1-hour chart, the price channel has transitioned into an exceptionally narrow configuration, indicating a potential breakout on the horizon. The recent developments in the market suggest that buying pressure is gradually diminishing the prevailing consolidation. These market developments have the potential to encourage more traders to adopt a bullish sentiment, consequently propelling the price to new heights. The next significant price level for the market may be situated at $0.00011.
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— $SPONGE (@spongeoneth) October 1, 2023
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