SPONGE/USD Starts September on a Bullish Note
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Toward the end of August, SPONGE/USD slipped below the key $0.00009 level after an extended period of bullish stability. This breakdown fueled strong bearish sentiment, driving prices lower until support was established at $0.000085. From there, buyers regrouped and regained momentum.
As September begins, the market has staged a notable rebound, with prices rallying back toward the $0.00009 level. If bullish momentum continues to build, further upside action may be on the horizon.
Key Levels to Watch
- Resistance: $0.000115, $0.000120, $0.000130
- Support: $0.000085, $0.000080, $0.000075
SPONGE/USD Daily Chart: Price Skyrockets
In the previous analysis, indicators suggested that the SPONGE/USD market was primed for a breakout. The extreme oversold condition likely encouraged traders to open long positions, while a period of accumulation also played a crucial role.
The Bollinger Bands reflect the heightened volatility that followed the sharp bearish move, which pushed the market down to the $0.000085 level. This development reinforced expectations of a rebound. Now, the bulls are capitalizing on this volatility, driving the price upward toward the critical $0.00009 level.
$SPONGE 4-Hour Chart: Upside Momentum Faces Key Resistance
On the 4-hour timeframe, the ongoing upward price action reflects a breakout from the prolonged stagnation that kept the market in a tight range. While this development adds a degree of predictability for traders, it also presents a challenge ahead.
The $0.00009 level stands as a formidable resistance, particularly in light of the current volatility. However, if the market can establish a stable higher support around the $0.000088 level, it could provide the foundation for a breakout above $0.00009 and potentially fuel further upside momentum.
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— $SPONGE (@spongeoneth) September 1, 2025
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