SPONGE/USD ($SPONGE) to Continue the Bullish Trend from $0.0001518

The price retracement in the $SPONGE market is bringing the price closer to the 20-day moving average. Also, buying pressure is on the decline. It looks like a support level will form around the $0.0001518 price level.

Key Levels

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

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

In the Relative Strength Index (RSI), the buying momentum has dropped to level 54.28, and it has continued to measure at this level since the second 4-hour trading session for today. The $SPONGE bulls seem to have found suitable, solid ground to turn the market back to the upside.

Although at Level 54.28, the price is close to the equilibrium level, the market may have found support at this level, which will set the bull market right back on its journey to the upside. In the same vein, the Moving Average Convergence and Divergence (MACD) have also now had a bearish crossover, but the lines have been kept far above the boundary of the bearish zone.

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

The selling pressure, as illustrated by the Relative Strength Index from the perspective of a 1-hour chart, is bringing the market closer to the threshold of the oversold region. In the Bollinger Bands indicator, the market is below the moving averages, but the bands point to low volatility.

This means the price may continue to consolidate at this level for some time. Bulls can, however, use this to their advantage, as they can strengthen the $0.00015 price level as a support level.

SPONGEUSD is now available on the BTCEX exchange.

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— $SPONGE (@spongeoneth) June 23, 2023

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