SPONGE/USD ($SPONGE) Consolidates Ahead of a Bounce
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Since July 7, the SPONGE/USD market has continued to maintain movement consistently as it forms swing highs and swing lows within a horizontal price channel, which indicates a period of consolidation and a lack of sustained directional momentum. The accompanying significant candlesticks during each swing highlight the potential presence of strong buying or selling pressure at those levels.
Key Levels
- Resistance: $0.0004, $0.0045, and $0.0005.
- Support: $0.00013, $0.00012, and $0.00011
Sponge (SPONGE/USD) Price Analysis: The Indicators’ Point of View
The Bollinger Bands indicator maintaining its sideways movement suggests that volatility remains relatively stable within the SPONGE/USD price channel. This reinforces the idea of a market deadlock, where neither buyers nor sellers have gained enough control to break the price out of the range.
However, while the market is currently trapped within the horizontal price channel, there is always the possibility of a breakout. A breakout occurs when the price breaks above the upper boundary or below the lower boundary of the channel, signaling a shift in market sentiment and the potential for a new trend to emerge.
Sponge Short-Term Outlook: 1-Hour Chart
The possibility of the SPONGE/USD market breaking out of the deadlock price channel increases with time. Prolonged consolidation often builds up potential energy for a significant market movement in a bullish direction. Traders typically look for signs of increasing volatility, such as the expansion of the Bollinger Bands or an increase in trading volume, as potential indications of an upcoming breakout.
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— $SPONGE (@spongeoneth) July 13, 2023
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