SpongeBob (SPONGE/USD) Bulls Are Gathering Around the $0.0004 Price Level
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The $0.0005 price level is a decision level. As the bear market hit this level, bulls and bears became evenly matched. Their pull and push on the SpongeBob market sent the market oscillating around the $0.0005 price level. The price consolidation around this level has been going on since May 14. Bulls began to gain the upper hand on May 21, and the market stretched for the $0.0006 price level.
Key Levels
- Resistance: $0.0007855, $0.0010, and $0.00117
- Support: $0.00040, $0.00035, and $0.00032
SpongeBob (SPONGE/USD) Price Analysis: The Indicators’ Point of View
Bulls could not sustain the market at that high, and that is why the retracement was massive. The market retracement took place on May 22; bulls were forced into their last line of defense. They are currently holding to the $0.0004 price level. The Bollinger Bands diverge to indicate increasing volatility. However, this volatility is having a sharp decline again, as the market appears to be going flat around the new support level. Because of this, the Bollinger Bands may converge around this ranging market.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
The sharp decline in the volatility of the market is well illustrated by the Bollinger Bands indicator on the 1-hour timeframe chart. As demand and supply got evenly matched around the $0.0004 price level, the Bollinger Bands contracted suddenly. This suggests that the price breakout might come sooner than expected. It should be a bullish price breakout. The market may first secure the $0.0005 price level as a basis for more bullish conquests.
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