SPONGE/USD ($SPONGE) Falls Back to $0.0001354
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As the $SPONGE price retracement continues, buyers are now falling back to the crucial demand level. Before now, bulls were able to hold ground at a slightly higher support level, which is at $0.000137. The price ranged sideways from here as supply matched demand. But as bulls could not hold up anymore against bearish pressure, they had to fall back to the $0.0001354 price level.
Key Levels
- Resistance: $0.0004, $0.0045, and $0.0005.
- Support: $0.00013, $0.00012, and $0.00011
SPONGE/USD ($SPONGE) Price Analysis: The Indicators’ Point of View
From this new demand level, we can expect a rebound that will take the $SPONGE market back to the key resistance level, which is at the $0.000145 price level. According to the indicators used for this analysis, the market is moving in the bearish zone. In the Relative Strength Index (RSI), the market is ranging sideways around level 37.7. This points to the formidability of bulls in the sell zone of the indicator. The market may be at the stage of momentum buildup before a clear directional movement occurs.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
In the Relative Strength Index (RSI), we can see the indicator line moving into oversold territory. This could be a sign that the downward momentum may be waning and that a price reversal or a corrective bounce is very likely to occur. Buyers could step in at any moment, as the sellers may be exhausted.
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— $SPONGE (@spongeoneth) July 16, 2023
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