Sponge (SPONGE/USD) Price Consolidation Will Strengthen the $0.0005 Support Level
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The SPONGE/USD price consolidation around the $0.0005 price level will eventually strengthen it and set the market up for more bullish action. In the last bull market, this same price level was the baseline. It also acted as the brick wall for the bear market on May 11. The downtrend could not go further after hitting this price level, and as volatility cools off, the market goes flat around this price level.
Key Levels
- Resistance: $0.0007855, $0.0010, and $0.00117
- Support: $0.00040, $0.00035, and $0.00032
Sponge (SPONGE/USD) Price Analysis: The Indicators’ Point of View
The price channel gets narrower, and on Sunday, towards the end of the day, the market could have seen a bullish price breakout, but the volume of trade over the weekend was on the low side; therefore, bulls became exhausted. This may have triggered the selling pressure in today’s market; however, as the volume of trade is still on the low side, bears are also exhausted, and the market keeps swinging within a tight range around the $0.0005 price level. From the indicators, we noticed that the volume of trade might be on the rise and the market may breakout to the upside during the week.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
Scaling down to a 1-hour timeframe, we noticed that the volume of trade is gaining momentum. In addition to that, volatility is increasing. The deadlock appears to be breaking as the price channel widens out. Although the Moving Average Convergence and Divergence indicator still holds to an indecision trend, both the Bollinger Bands indicator and the Relative Strength Index are reflecting the changes in the market. The bullish target in the next cycle should be the $0.0002 price level.
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