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Is Sponge ($SPONGE) Heading the Right Direction Tuesday?

Tuesday, February 27, 2024 11:41 AM | InvestorsObserver Analysts
Is Sponge ($SPONGE) Heading the Right Direction Tuesday?

Sponge receives a weak short-term technical score of 2 from InvestorsObserver analysis. Our proprietary scoring system considers the recent trading patterns of the token by looking at the price movement to determine if it is trending in the right direction. $SPONGE holds a better recent technical analysis than 2% of tokens at its current price. Investors who are focused on short-term growth and looking for hot and trendy coins will find the Short-Term Rank especially relevant when allocating their assets.

Short-Term Technical - 2
InvestorsObserver is giving Sponge a 2 Short-Term Technical Rank. Find out what this means to you and get the rest of the rankings on Sponge!

Trading Analysis

Sponge is $0.000044 (235.55%) above its 30-day low of $0.000018820 while -$0.000752 (-92.25%) below its 30-day high of $0.00081473. In addition, $SPONGE's current price of $0.000063151 is under its 30-day moving average price of $0.000224828, leading to a weak short-term technical score. Overall the recent trading history of Sponge suggest that investors are bearish on the token at the moment.
Sponge's market cap of $0.00 is relatively low for a token. Sponge's relatively low market value comes as it sits under $100 million while the top 100 cryptos remain above $1 billion in market cap and the top 500 sit above $100 million. Meanwhile, $SPONGE's average volume is low with $105,820.12 worth of the token traded over an average 24 hour period. $SPONGE's volume is relatively low as the most traded 100 cryptos typically have $100 million exchanged each day and smaller cryptos tend to sit under $5 million traded over 24 hours. Over the last 24 hours, $SPONGE's volume is below its usual with $13,811.64 exchanged.

Summary

Sponge's trading over the past 30 days leads to its a weak short-term technical score due to recent price movement suggesting more bearish signals for traders on the token in the near future. Click Here to get the full Report on Sponge ($SPONGE).

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