Is SPONGE Ready To Retest $0.0010000?

The meme coin (SPONGE) cited an intense rebound from the 20-day EMA and imitated the buying momentum. Additionally, the meme coin streamed over 20% and will soon contact the swing spot of $0.0010000. Meanwhile, the sellers came into crisis and are covering their positions. Recently, SPONGE crypto retested its demand zone of $0.0007400, where bulls restored their potencies and dashingly leaped from there.

The SPONGE price has fled the key moving averages and persisted in increasing gains. Additionally, the trend is robust and buyers have acquired traction. They are molding their vision on the swing hurdle of $0.001000 to escape soon. The chart exposes a volatile outlook, where the roller coaster moves were witnessed amidst the global positive sentiments. The meme coin upholds the gains above the neutral region and portrays a bullish bias.

This memecoin trades at $0.0009663 at press time, with an intraday gain of 20.30%, showing a rebound in the last session. Moreover, the trading volume has increased by 67.10% to $668,117, highlighting investor interest. The market cap of the SPONGE crypto is $24,805,803. Analysts are neutral and suggest that the meme coin will surpass the hurdle of $0.0010000 in the following sessions.

SPONGE On Daily Charts Displays Breakout

On the daily charts, SPONGE crypto retested its neckline and decisively rebounded, directing the optimistic outlook. The price action favors the upside and suggests that the meme coin moved out of the consolidation zone and is ready to carry forward the gains in the following sessions.

The relative strength curve sharply rose above the midline, displaying a positive crossover directing the buyers’ dominance. Similarly, the MACD indicator reveals a bullish crossover and points to a bullish outlook for the following sessions.

SPONGE On Hourly Charts Exhibits Bullish Crossover 

The SPONGE crypto formed a double bottom pattern on the hourly charts and decisively attained a rebound. Additionally, the memecoin escaped the neckline of $0.0008000 and enlisted a breakout. Afterward, the follow-on buying momentum continued and the meme coin escaped the key moving averages, directing the bullish crossover. Per the Fib levels, the SPONGE crypto has retested the 50% zone but has failed to overtake it and is abiding close to it. Buyers are eyeing the 61.8% zone, which is near $0.0010000.

Summary

The meme coin (SPONGE) ushered the buying momentum and decisively backfired from the 20-day EMA mark. Moreover, the buyers are getting mad and making fresh long positions, which delivers a firm conviction for an upcoming rally.

Technical Levels

Support Levels:  $0.0009500 and $0.0009300

Resistance Levels:  $0.0009800 and $0.0010000

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.