SpongeBob (SPONGE/USD) Continues Movement Within the $0.00042 and $0.00052 Price Zones
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In the previous daily session, SpongeBob claimed a higher baseline at $0.00047; however, buyers failed to maintain this price level. They attempted to reclaim the $0.000519 resistance level. But the bullish price was repeatedly rejected until bulls became exhausted and finally had to fall back to the previous demand 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
The market swings are still within the horizontal price channel. According to the Bollinger Bands Indicator, the market is stable. The volatility has reduced, and at a time like this, the market will be able to establish a strong support level in the consolidation trend. This anticipated support level will come out of a gradual convergence of the current support and resistance levels. This is already happening. A resistance level is forming at $0.000467, and a support level is forming at the $0.00045 price level.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
Bulls have been aggressive in today’s market. Their activities propelled the price to the threshold of the $0.0005 price level, and at that level, some traders took their profit. This turned the market back down, and it settled at equilibrium in the 12th-hour session of today’s trading session. Then the sessions that followed were represented by four-price doji. This is a sign of indecision. A strong bullish baseline is forming at this level.
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