$SPONGE (SPONGE/USD) Initiates Bullish Rebound at $0.00040
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Contrary to initial expectations, the $SPONGE price has dipped below the $0.00046 level amid escalating selling pressure in the market. However, a noteworthy resurgence of buying interest in the vicinity of the $0.0040 level has triggered a reversal in the price trajectory, defying the prevailing bearish sentiment.
Key Price Levels:
- Resistance: $0.00047, $0.00050, and $0.00060.
- Support: $0.000350, $0.00030, and $0.00025.
Technical Analysis for $SPONGE (SPONGE/USD):
In the latest 4-hour trading session, a gravestone doji candle has emerged, reflecting the intricacies of the session’s dynamics. This signals a resistance faced by bulls against selling momentum, despite their persistent efforts to propel the $SPONGE market upwards. Although the gravestone candlestick indicates a pronounced selling bias, bulls are actively working to overcome this challenge. Additionally, the Moving Average Convergence and Divergence (MACD) depicts a waning bearish momentum as negative histograms lighten in color and decrease in height. The ongoing bear market may serve as a battleground for bulls, potentially paving the way for a resurgence in price above $0.00045.
Short-Term Projection on the 1-Hour Chart:
Analysis of the 1-hour chart reveals a robust intervention by bulls at approximately $0.0004121, establishing a formidable support level. This support is strategically positioned to deter an imminent bear market, with the $0.00040 price level serving as the ultimate line of defense for bullish positions. Remarkably, in the proximity of the $0.0040 level, a potential downturn in bearish momentum is expected as traders display a heightened inclination for substantial buying. This could catalyze a noteworthy shift in market dynamics, propelling the price on an upward trajectory.
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— $SPONGE (@spongeoneth) December 16, 2023
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