SPONGE/USD ($SPONGE) Launches Above the $0.00014 Price Level
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The $SPONGE market has taken time to build up momentum for the ongoing bullish run. This strong price movement has loosened the gridlock that confined the price swing within the narrow price channel of $0.000135 and $0.000138. Sponge buyers now have the chance to propel the price upward. However, buyers need to find strong support above the $0.00014 price level to maintain the market’s upward trajectory.
Key Levels
- Resistance: $0.0004, $0.0045, and $0.0005.
- Support: $0.00013, $0.00012, and $0.00011
SPONGE/USD ($SPONGE) Price Analysis: The Indicators’ Point of View
A source of major concern in the $SPONGE market is that such strong bullish moves like this can, in most cases, trigger a repressive response from the bear market, especially if the strong bullish move was sudden. What is needed now is for the bulls to secure bullish support to preserve their position in the market.
However, looking at the indicators, they suggest that the price retracement is a necessary recovery from overbought territory. Additionally, the retracement could be an opportunity for new investors to join the moon-bound Sponge market.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
From a 1-hour chart standpoint, we observe that the market is consolidating again as bulls seek a higher level of bullish support. Additionally, the Bollinger Bands indicator is showing signs of a volatility squeeze, indicating an imminent bullish price breakout. Sponge buyers need to maintain the new support level by keeping the trading volume high.
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— $SPONGE (@spongeoneth) July 14, 2023
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