SPONGE/USD ($SPONGE) Continues to Hold Ground Above the $0.00012 Price Level
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In the preceding daily trading sessions, the $SPONGE market demonstrated resilience, maintaining its position above the $0.00012 price level. Despite the persistent bear market conditions, the price has consolidated above this critical level, with the bulls preventing any further decline below $0.00012.
Key Levels
- Resistance: $0.0004, $0.0045, and $0.0005.
- Support: $0.00012, $0.00011, and $0.00009.
SPONGE/USD Price Analysis: The Indicators’ Point of View
At the conclusion of the previous daily trading session, the $SPONGE bear market experienced a robust breakout towards the crucial support level at $0.00012. Nevertheless, the bearish attempt was rejected, and the price rebounded to $0.0001210. Presently, the indicators suggest ongoing price consolidation. However, a significant movement initiated by either the bulls or the bears has the potential to ignite activity in the $SPONGE market.
$SPONGE Short-Term Outlook: 1-Hour Chart
In the 1-hour chart outlook, the Bollinger Bands indicator depicts a mildly descending price channel, while the market remains above the critical $0.00012 price level, which serves as the last line of bullish defense on the 4-hour timeframe. Additionally, the 20-day moving average currently acts as a resistance level for the recovering $SPONGE market, granting the bears a slight advantage over the bulls even as the bulls keep a firm grip on the key demand level.
Buy and hold on to SPONGE/USD.
#SPONGERS, what is your profession!⚔️🛡️💪 pic.twitter.com/wwStgRQO2P
— $SPONGE (@spongeoneth) July 31, 2023
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