SPONGE/USD ($SPONGE) to Bounce at $0.00014
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Investor pessimism, which began after the market reached the high of $0.0001546 on June 17, continues to push the $SPONGE market in the direction of the important support price, even if the $0.00014 price level remains the bulls’ last line of defense. Since sponge buyers are not completing their purchases, it is anticipated that the market will rebound from $0.00014.
Key Levels
- Resistance: $0.0004, $0.0045, and $0.0005.
- Support: $0.00015, $0.00014, and $0.00013.
$SPONGE Price Analysis: The Indicators’ Point of View
While $0.00015 remains the key resistance level, the market is looking for higher support than $0.00014 that will form its baseline to rally back to the resistance level. Due to the prolonged price retracement, the $SPONGE market, according to the Relative Strength Index (RSI), is heading towards the threshold of oversold territory again. According to the Bollinger Bands indicator, the volatility level is on the decline, meaning that the price may swing within the $0.00015 and $0.00014 price levels for a while before it finds a decisive direction.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
From this standpoint, the market continues to trade below the 20-day moving average and the 9-day moving average, which means that supply of $SPONGE is exceeding demand, forcing the price to fall. According to the Relative Strength Index (RSI), the market has broken into oversold territory. The selling momentum is now being measured at level 19.05. The information from the Relative Strength Index (RSI) is going to spark up the Sponge bull market, and the price is going to rally back to the $0.00015 price level. However, at that point in the market, more bullish forces will be required to break the resistance.
SPONGE/USD is now live on LBANK.
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— $SPONGE (@spongeoneth) June 19, 2023
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