SPONGE/USD ($SPONGE): Bulls Might Regroup at $0.0001430

The $SPONGE bulls continue to maintain bullish pressure on the $0.0001468 resistance level; however, they may soon be forced to regroup at the $0.000143 support level as the price retracement seems to be going too far.

The price of $SPONGE has fallen below $0.0001441; it is now reaching out for the $0.0001430 support level.

Key Levels

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

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

Although the price of the $SPONGE pair is presently moving in favor of the bears, the Bollinger Bands indicator shows that the price is still moving within the horizontal price channel. The price channel cannot turn into a downward trend as long as the price remains above the $0.000143 support level.

If the price falls through this critical support level, the smaller standard deviation curve will react to the negative move. For the time being, the higher standard deviation curves and the 20-day moving average show signals of hesitation. Only the 9-day moving average is reacting to the market’s negative action.

SPONGE/USD Short-Term Outlook: 1-Hour Chart

On a 1-hour chart, the price channel has taken a downward turn. However, the market is looking for a bounce at $0.0001434. This pricing level is just over the critical support level. This indicates that the market is likely to recover from this price level.

The Relative Strength Index currently shows the market in an oversold area, confirming this sentiment. The bear market has run its course. From here, the bulls will take over.

SPONGE/USD is now live on the Lbank Exchange.

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— $SPONGE (@spongeoneth) July 5, 2023

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