SPONGE/USD ($SPONGE): Anticipating a Possible Turnaround at the $0.00010 Level
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While $SPONGE has indeed demonstrated an extended phase of consolidation, with the price stabilizing near the $0.0001030 level, recent developments in the market have garnered the attention of both traders and analysts. Toward the conclusion of August, a noteworthy bull run materialized, propelling the market to attain a peak at $0.000109. This surge represented a significant upswing in buying interest and fostered positive sentiment among market participants.
Subsequently, after reaching this peak, the market retraced back to the $0.0001030 level by the first day of September. This correction is deemed a natural response following a robust bullish advance.
Key Levels
- Resistance: $0.000115, $0.000120, and $0.000125.
- Support: $0.00010, $0.000090, and $0.00008.
Sponge (SPONGE/USD): Insights from Indicators
While it appears that bearish pressure has led to a slight shift in the support level from $0.0001030 to $0.0001022, there are signs pointing to a potential imminent breakout. The Relative Strength Index (RSI) indicates the $SPONGE market’s approach to the 50 level, which serves as the midpoint of the indicator. Additionally, the MACD lines are approaching a crossover above the zero level, suggesting a potential divergence. These developments could serve as compelling indications for considering a long trade.
$SPONGE Short-Term Outlook: 1-Hour Chart
In the preceding daily trading session, a notable increase in trading volume was observed during one of the 1-hour sessions, yet it had no significant impact on the candlestick formation for that session. This occurrence might be interpreted as a positive signal, indicating growing bullish interest. Nevertheless, the ongoing tug-of-war persists into today’s trading session. It’s possible that buyers hold an advantage in the potential breakout, considering the convergence occurring within bullish territory. Top of Form
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