SPONGE/USD ($SPONGE) Bulls Prepare for a Comeback
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Over the last two days, the $SPONGE market has exhibited significant bearish movement. However, as the market approached the $0.00012 price level, the bearish trend transformed into a consolidation phase. The price level of $0.0001215 is now seen as a potential support area where bulls may seize the opportunity to reverse the market’s direction.
Key Levels
- Resistance: $0.0004, $0.0045, and $0.0005.
- Support: $0.00012, $0.00011, and $0.00009.
SPONGE/USD ($SPONGE) Price Analysis: The Indicators’ Point of View
Traders should remain vigilant and attentive at this juncture, as there is a potential for the $SPONGE market to shift towards a bullish trend. The market is currently correcting itself out of the oversold zone on the Relative Strength Index. Traders should keep an eye out for stronger bullish candles and monitor whether the 20-day moving average crosses in an upward direction. While the market is showing signs of an upward move, the momentum behind it is still building.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
Within the 1-hour timeframe, the market is encountering resistance at $0.0001220, primarily due to its low trade volume. The candlesticks at this level exhibit a flat pattern, indicating a notable level of indecision among traders. This temporary stall in market progress could potentially foreshadow a forthcoming bullish price movement for $SPONGE.
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