SPONGE/USD ($SPONGE) to Bounce at $0.000096 as Selling Increased at $0.000098
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In the previous $SPONGE market analysis, there was an expectation for the market to sustain its upward momentum, as the resistance level was near $0.0000988, coinciding with the point where the 20-day moving average exhibited a sideways trend. However, as the bulls were unable to drive the market forward, the bearish sentiment gained strength, causing buyers to retreat to the $0.000096 support level.
Key Levels
- Resistance: $0.000115, $0.000120, and $0.000125.
- Support: $0.000090, $0.000080, and $0.000085.
SPONGE/USD ($SPONGE) Price Analysis: The Indicators’ Point of View
Today’s $SPONGE market has witnessed a significant bearish session, leading to a retracement to the critical support level at $0.000096. This level has historically played a pivotal role in initiating bullish cycles since early September, lending weight to the expectation of a potential market rally from the current price point.
Additionally, the Relative Strength Index (RSI) reflects the market’s hyper-bearish sentiment by dipping into the oversold region. This suggests a likelihood of a price correction, aligning with the anticipation of a resurgence in bullish sentiment around the crucial $0.000096 price level.
$SPONGE Short-Term Outlook: 1-Hour Chart
The Bollinger Bands indicator on the 1-hour chart depicts a divergence in its bands, signaling an escalation in market volatility. This heightened volatility presents an opportunity for the $SPONGE bulls, as it has introduced some flexibility into the market dynamics.
However, it’s worth noting that there hasn’t been a notable shift in favor of the buyers yet. Yet, it’s important to acknowledge that such hyper-bearish activity often precedes strong bullish movements. Traders are advised to exercise vigilance in order to capitalize on potential opportunities.
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