Sponge (SPONGE/USD) Targets a New High
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Sponge came onto the market in early May, and since then, it has been making waves. The market pumped furiously within the first seven days after it hit the memecoin market. SPONGE/USD reached its first high within those same seven days, hitting the $0.002412 price level. The bear market was triggered at this high, but traders are still bullishly biased; therefore, the bullish price was conserved at a higher support level. Sponge prepares for another bullish cycle.
The SPONGE/USD price has risen by 2,900% since its launch.
Key Levels
- Resistance: $0.0020, $0.00230, and $0.0025
- Support: $0.000745, $0.0006, and $0.0005.
Sponge (SPONGE/USD) Price Analysis: The Indicators’ Point of View
After the price of the market hit its first all-time high at $0.002412, traders began to take profits. Both the bulls and the bears engaged each other in a serious tug-of-war in the last 4-hour session of May 7, but neither could fully gain full control for that period. The appearance of a spinning top candlestick on the last trading session of May 7 was an indication that traders might take their profits on the following day. The bears took the market the following day, and the selling momentum was high. The aggressive bearish sentiment was in response to the very strong bullish move that took the market to its first high. However, the bear market did not last. It ended at the $0.0007599 price level.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
At the $0.0007450 price level, the bull market gains momentum again as more traders gather around the price level to enter the bull market. However, due to some activities of the bears, a resistance level appears to be forming around $0.001228, but in response to this, the buyers gathered around a new higher support level and ended the bearish move at the new demand level, which is at $0.0008447. According to the Fibonacci retracement tool, the bear market is very likely to give way around the 61.8% Fibonacci retracement level.
SPONGE/USD is going live on MEXC_GLOBAL.
🧽 $SPONGE will be listing on @MEXC_Global 🧽
🧽 Details: https://t.co/vA3HLoW0Jj
🧽 More CEX listings coming your way ✅#Memecoin #Memecoins $TURBO $MONG $HER $JEFF $RIBBIT $POOH $BOB pic.twitter.com/NQ4MpgUo5O
— $SPONGE (@spongeoneth) May 9, 2023
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