$SPONGE (SPONGE/USD) Surges Following Bullish Intervention at $0.00005
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In our previous assessment of the SPONGE/USD market, we observed a resilient bullish sentiment amidst significant selling pressure, which kept the price hovering near the $0.00005 threshold. Furthermore, there were notable instances of exploration into lower price levels, indicating underlying bullish activity beneath $0.00005. A breach of this bullish threshold holds the potential to ignite a substantial upward price trajectory.
Key Market Dynamics:
- Resistance Levels: $0.0010, $0.0011, and $0.0012.
- Support Levels: $0.000035, $0.000030, and $0.000025.
Technical Analysis for $SPONGE (SPONGE/USD):
The SPONGE/USD market witnessed testing of price levels below $0.00005 on March 22, in alignment with our previous forecast, consequently favoring bullish sentiment. Capitalizing on the reduced prices, bullish traders executed significant buy orders, resulting in a noteworthy price surge above the $0.00006 mark.
Although a shift towards bearish momentum occurred as the bullish market peaked above $0.00006, bulls appear to have established firmer support at $0.000055. Despite minimal changes in the Bollinger Bands reflecting bullish activity, attributed to the inability to sustain the bullish trend above $0.00006, the market has stabilized around $0.000055, indicating an equilibrium state.
However, a marginal upward shift was detected in the upper standard deviation curve of the Bollinger bands. Should bulls maintain their position at $0.000055, it would further validate a subtle shift in favor of bullish sentiment.
Insights from the 1-Hour Perspective:
Analysis of the 1-hour chart revealed a prolonged period of price stagnation around the $0.000055 mark spanning approximately four sessions, followed by a minor bearish shift towards this threshold. The proximity to this level suggests the potential initiation of another bullish price movement. In light of this crypto signal, traders are advised to exercise vigilance in anticipation of the anticipated bullish trend.
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