Sponge (SPONGE/USD) to Rise from the $0.000165 Price Level

The SPONGE/USD market is doing well to minimize the effects of the ongoing general bearish rush across most crypto markets. The $0.0165 price level has been secured as a strong support level against the Sponge bear market. The support level is very firm, and it is very likely that the Sponge bull market will bounce back from here.

Key Levels

• Resistance: $0.0004, $0.0045, and $0.0005.
• Support: $0.00015, $0.00014, and $0.00013.

Sponge (SPONGE/USD) Price Analysis: The Indicators’ Point of View

The 9-day moving average being below the 20-day moving average shows that the SPONGE/USD market is moving in the direction of the sellers. But as bulls were able to secure strong support at $0.000165, the 9-day moving average has been able to catch up with the price action. The 9-day moving average catching up with the price action is the first confirmation of the ranging market. The 20-day moving average is also on the trail of the 9-day moving average. If the 20-day moving average catches up with the price action, it will set the market back to the equilibrium level.

Sponge Short-Term Outlook: 1-Hour Chart

From a 1-hour chart timeframe, we see the bullish strongholds standing effectively against bearish advances. At around the support level, even from this standpoint, the price action appears significantly flat due to the struggle between buyers and sellers. There is a strong push by the buyers to turn the market around, but they will have to do more against the strong selling pressure. More bulls are needed to turn the market in an upward direction.

SPONGEUSD has the potential for a huge return on investment.

When everything reminds you of $BTC 🚀💰🫠 pic.twitter.com/wCQelQuMqs

— $SPONGE (@spongeoneth) June 12, 2023

Invest in the hottest and best meme coin. Buy Sponge ($SPONGE) today!