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- 1 The SPONGE chart demonstrates bullish strength and upward momentum as it keeps above all the major EMAs.
- 2 The SPONGE crypto is experiencing a major decline of 7.05% in the last 24 hours, trading at $0.0008615.
Sponge V2 is basically a new meme coin that follows the sensational success of Sponge V1, which was a tribute and homage to SpongeBob SquarePants.
SPONGE V2 will be seen as a new token that has replaced the original SPONGE meme coin. Sponge V1 had a remarkable performance last year, rising from a $1 million market cap to over $100 million at its peak.
The developers of Sponge V1 aim to repeat this feat with Sponge V2, which has improved tokenomics and a play-to-earn racing game.
Furthermore, it will introduce a blockchain-based racing game, the game will add utility and practicability to the coin, as players can earn SPONGEV2 tokens by competing in races and buying credits.
Meanwhile, the game will also include a free mode to allure new players and enrich the demand for the coin.
In addition, there is a quickly building hype encircling the V2 launch, with over 4.3 million stake in the token’s smart contract already.
Investors have two ways to get Sponge V2 tokens. They can either buy and stake SPONGE in the staking contract on the project’s website, or they can stake their Sponge V1 tokens, which will be permanently locked in the smart contract.
The more Sponge V1 tokens they stake, the more Sponge V2 tokens they will receive.
SPONGE V2 is an update to the initial SPONGE meme coin. It has separate tokenomics from the V1 token but is otherwise very comparable. Both tokens are ERC-20 and MEME cryptos that perform on Ethereum.
Sponge V2 Offers A Fresh Potential For Upside
The SPONGE asset demonstrates bullish strength and upward momentum as it keeps above all the major EMA’s.
The SPONGE asset is exhibiting bullish strength as MACD is showing an overpowered bullish cross with a strong histogram broadening.
The RSI is above 50, implying that the asset is still in positive territory and can push further up. Meanwhile, the RSI is at 64.78 and the 14 SMA is at 65.56.
Furthermore, the price’s past performance shows that the SPONGE asset has earlier exhibited bullish and optimistic qualities and can advance further from current levels.
It has presented good performance in the last week by 82.99%, 85.39% in the last month, and by 827.35% in the last three months, implying a steady upward movement.
The SPONGE crypto is experiencing a major decline of 7.05% in the last 24 hours, trading at $0.0008615.
SPONGE crypto has shown signs of a comeback as the price is expected to sustain at a key level of around $0.00072750 on the chart.
Therefore, if the demand for the SPONGE remains high, the asset price could bounce back from the current level. The next goal for the SPONGE price is to reach $0.00120000.
On the flip side, if the SPONGE crypto price fails to stay above the $0.00072750 level, it could decline further.
Summary
SPONGE price highlights the bullish sentiments and perspectives regarding the crypto asset in the daily time frame. The SPONGE price action highlights a bullish view at the time of publishing, as it recently attempted to surge from a crucial level.
Technical Levels
Support Levels: $0.00072750
Resistance Levels: $0.00120000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
