SPONGE/USD ($SPONGE) On the Rise; the $0.00015 Price Level Within Reach
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Towards the end of the previous daily session, the $SPONGE pair broke the $0.000145 resistance level. This positive market has launched the pair from the depths of the sell zone into the buy zone, and with demand exceeding supply currently, the $0.00015 price level is within reach.
Key Levels
- Resistance: $0.0004, $0.0045, and $0.0005.
- Support: $0.00015, $0.00014, and $0.00013.
$SPONGE (SPONGE/USD) Price Analysis: The Indicators’ Point of View
In the Relative Strength Index (RSI) of the $SPONGE market, the RSI line measures the buying momentum at level 54.11. The buying pressure is not too strong, but it is significant. More bullish force is, however, needed to establish the market above the 20-day moving average and the 9-day moving average.
However, the pair is facing a lower resistance of $0.0001485. This is keeping the buying momentum, according to the Relative Strength Index, at a level of 54.69.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
From this outlook, we can see a standoff between buyers and sellers around $0.0001485. The Sponge bulls are dealing with resistance at this level, so the market continues to trade along the flat price level. Although the 9-day moving average has caught up with the price action, the Bollinger Bands signal a possible price breakout as the bands converge.
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— $SPONGE (@spongeoneth) June 21, 2023
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