$SPONGE (SPONGE/USD) Bulls Charge Towards $0.00012 Target
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Since the beginning of March, SPONGE/USD has exhibited sustained bullish momentum. The price has rallied steadily, overcoming several resistance levels. However, reaching a significant resistance level has coincided with increased volatility, potentially causing price consolidation. Despite this, bulls have successfully established higher support levels, maintaining the overall uptrend.
Key Market Dynamics:
- Resistance Levels: $0.0010, $0.0011, and $0.0012.
- Support Levels: $0.000035, $0.000030, and $0.000025.
In-Depth Technical Analysis for $SPONGE (SPONGE/USD)
As SPONGE/USD‘s uptrend continues, the $0.00008 level becomes a critical zone to watch. On March 12th, this level coincided with increased volatility and a temporary halt in the price surge. This time, while trading volume suggests heightened activity, the bullish momentum appears more subdued approaching this resistance. A continued slow and steady price increase could lead to a breakout above $0.00008, potentially establishing it as new support on the path towards the $0.00012 target.
Insights from the 1-Hour Perspective
The 1-hour chart offers some bullish crypto signals for SPONGE/USD, but the $0.00008 level remains a key area to watch. While bulls appear to be establishing support at this level, technical indicators like the Bollinger Bands and RSI suggest it could act as either support or resistance. However, recent trading sessions show bulls defending this level against bearish pressure, increasing the possibility of a bullish breakout and confirmation of support.
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— $SPONGE (@spongeoneth) March 15, 2024
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