SPONGE/USD ($SPONGE) May Likely Bounce Back at $0.0001350
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Despite the current $SPONGE bearish performance in the market, there are some optimistic factors to consider for Sponge based on the 4-hour timeframe. Although the market has been operating within the bearish zone, there is potential for a turnaround as it has continued to range along a horizontal price level of $0.0001373.
As bearish sentiment continues to drive the market further into the demand zone, bulls might be forced to fall to the $0.0001350 price level as a potential support, which can also form the baseline for a significant upside performance.
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
The Relative Strength Index (RSI) indicates that the $SPONGE market has been ranging within the bearish zone since July 6. This suggests that selling pressure has been dominant during this period. However, it’s important to note that markets often experience periods of consolidation and corrections, even within a larger downtrend.
On July 6, a marubozu candlestick pattern represented the bearish market sentiment that triggered the downturn. The $PONGE market made a high of $0.000145 before bearish pressure took over. This level could act as a resistance level in the future, should the market show signs of upward movement.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
In the early hours of the day’s trading session, the $SPONGE market shows signs of trend reversal; however, at major resistance levels, bearish activities cut short the bull market. This is because long position takers seem to be taking their profit at the slightest market gain. The $0.000135 price level is very likely to be the point at which more investors will come into the bull market and propel the price to the upside.
There is never a quick NFT experience!
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— $SPONGE (@spongeoneth) July 10, 2023
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