SPONGE/USD ($SPONGE Pair) Buyers Are Bullish Around the $0.00014 Price Level

The $SPONGE pair Buyers are being compelled by the selling pressure to revert to the $0.00014 price level. Every attempt to recover since the market peaked on June 22 at $0.0001528 has failed, and the bull market has only been able to reach lower highs. As the market approaches the psychological level of $0.00014, that is about to change.

Key Levels

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

SPONGE/USD ($SPONGE Pair) Price Analysis: The Indicators’ Point of View

Under the heavy selling pressure, the $SPONGE pairs bulls just lost grip on the $0.0001429 support price level. As the supply level exceeds the demand level, bulls are seeking solid ground below the key support level, and it is most likely that they will bounce back at the $0.00014 price level.

The Indicators are pointing to a strong sell signal. However, the $SPONGE market ranges along the threshold of oversold territory. The fact that the market continuously moves at an almost horizontal level suggests that bulls are still very much present in this market.

SPONGE/USD Short-Term Outlook: 1-Hour Chart

Also, from this perspective, we see that traders are bearishly biased. This is likely to continue until the market reaches the psychological level of $0.00014. At that point, it is likely that we will see a massive bullish rush. This time, the next stop for the market might be the $0.00016 price level.

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