$SPONGE (SPONGE/USD) The Bull Market Is Pushing Gradually to the Upside
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Despite the consistent testing of the key support level at $0.000035 by the candles representing each 4-hour session, it is noteworthy that this level has thus far withstood downward pressure. Each instance of bearish pressure has been effectively countered by buying activity, resulting in a rebound to the $0.000035 price point. This trend suggests a strengthening bullish momentum in the $SPONGE market. Importantly, traders are capitalizing on opportunities presented by the dips below the key level to execute favorable buy positions, further fueling the bullish sentiment in the market.
Key Market Dynamics:
- Resistance Levels: $0.0010, $0.0011, and $0.0012.
- Support Levels: $0.00040, $0.00035, and $0.00030.
In-Depth Technical Analysis for $SPONGE (SPONGE/USD)
The long lower shadows on the candlesticks indicate selling attempts that were quickly met by buyers, pushing the price back up. This can be seen as a bullish crypto signal, suggesting the downtrend might be losing momentum, thereby giving way to bullish sentiment. Upon closer examination of the 4-hour chart, one would notice that the length of the lower shadows is decreasing, implying a reduction in the intensity of bearish sentiment. Another factor indicating a potential shift towards bullish momentum is the market’s establishment of a robust support level above the 20-day moving average. This milestone marks a significant step in the bullish recovery.
Insights from the 1-Hour Perspective:
Recently, a notable increase in trading volume has been observed on the chart, indicating heightened activity in the $SPONGE market. Despite this surge in activity, there has been limited movement in the market. Specifically, the bullish candlesticks do not reflect the same level of strength as the volume histograms. When high volume is accompanied by comparatively smaller bullish candlesticks, it may suggest absorption. This implies that larger institutional investors could be acquiring shares at lower prices, resulting in a slight upward pressure on price while overall movement remains subdued. Although buying pressure is evident in the volume, it is not aggressively driving prices higher, hence the smaller candlesticks.
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— $SPONGE (@spongeoneth) February 14, 2024
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