SPONGE/USD ($SPONGE) Is on the Rise, Aiming at Capturing $0.00010
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During the initial half of the month, specifically in October, the SPONGE/USD bear market managed to gain significant momentum, propelling the market to reach a new low near the $0.00090 price level. As the weekend approached, the bull market exhibited robust buying pressure, driving the price vigorously towards the $0.00010 price target. It’s important to note that the $0.00009847 price point may present substantial resistance to contend with before reaching the $0.00010 level.
Key Price Levels
- Resistance: $0.000115, $0.000120, and $0.000125.
- Support: $0.000090, $0.000080, and $0.000085.
Sponge (SPONGE/USD) Price Analysis: Technical Insights
As the SPONGE/USD market approaches the $0.00009847 price level, it becomes evident from the indicators that bullish momentum is diminishing, potentially due to the presence of sell orders in this region. The Moving Average Convergence and Divergence (MACD) indicator is beginning to reflect the waning bullish pressure as the difference between the MACD line and the signal line is narrowing. This development can be attributed to the fact that the bull market is nearing a significant resistance level.
While it is possible that the market may face resistance at this level, it’s important to note that it may also overcome this obstacle and sustain the current trend. Notably, the Bollinger Bands indicator continues to offer a bullish signal, with both the upper and lower bands and the moving averages trending upward. This suggests that there is still potential for the bullish momentum to persist.
Short-Term Outlook: 1-Hour Chart
A primary source of concern arises when examining the 1-hour chart of the market’s outlook. The Relative Strength Index (RSI) currently portrays a significantly overbought condition, typically signaling to traders the potential for an impending trend reversal. However, it’s essential to note that in cases of robust and pervasive bullish sentiment, the market can remain within the overbought region for an extended period.
Initially, despite the market reaching high levels of overbought conditions, it retraced to lower levels. Nevertheless, it subsequently resumed its upward trajectory. This persistent trend appears to exhibit substantial strength, raising the possibility of the market reaching the $0.00010 price level. Careful monitoring of the market’s behavior in the overbought region remains prudent to assess any potential shifts in momentum or trend direction.
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— $SPONGE (@spongeoneth) October 22, 2023
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