SPONGE/USD ($SPONGE Market) Forms Another Demand Line at $0.0001375; Buy the Dip

The selling pressure in the $SPONGE market is forcing bulls to find lower demand levels. However, the price decline is not a steep one due to bullish resilience, but there is a fear that the bears may take the price further into the demand zone. As a result of this, the price may still fall, thereby creating more opportunities for traders to buy at a lower price.

Key Levels

• Resistance: $0.0004, $0.0045, and $0.0005.
• Support: $0.00015, $0.00014, and $0.00013.

$SPONGE Market Analysis: The Indicators’ Point of View

We can notice a bearish divergence in the $SPONGE market through the Relative Strength Index (RSI) and Moving Average Convergence and Divergence (MACD) indicators. Although the two indicators show a significant bullish price recovery from the oversold region, the actual price action remains flat or unresponsive. This could mean the price may fall even more.

Sponge Short-Term Outlook: 1-Hour Chart

The bands of the Bollinger indicator are contracting to illustrate the market moving within a narrow price range. The contraction of the bands suggests that the market is about to see another strong and decisive movement in a clear direction. It is very difficult to predict the next direction as the $SPONGE market is at equilibrium; the forces of demand and supply are evenly matched at this level.

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