Sponge/USD ($Sponge) To Continue Upside Action From $0.0001411
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The $SPONGE market is retracing a lower price level after hitting the $0.0001423 price level. The price retracement is not going to last because, around the $0.00014 price level, bullish sentiment is very strong, and the bear market is not likely to go beyond this key demand 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
From the point of view of the Relative Strength Index (RSI), We observe a sharp rise in the market from the $0.0001405 price level to $0.0001437. This happens to be a sharp rejection of the $SPONGE bear market as it approaches the $0.00014 demand level. At $0.0001437, the price is at equilibrium. The RSI line measures 50.46. So, the $0.00014 price level is a strong bullish fortress.
SPONGE/USD Short-Term Outlook: 1-Hour Chart
All of a sudden, in the current 1-hour session, we noticed a burst of investors’ interest in the market. The bar representing the volume of trade in the current session is very strong, but the actual bullish candlestick is very small. This suggests a sudden burst of activity in the market, with bulls currently slightly having the upper hand in the market.
The Bollinger Bands indicator now shows signs of a bullish breakout as the two standard deviation curves begin to diverge. That can also mean an increase in the level of volatility as bulls push through towards their mark.
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