Sperax (SPA) continues to show sustained growth despite Bitcoin's market pressure. Current indicators suggest a potential bullish continuation.
Price Action and Resistance Levels
Crypto analyst JavonMarks noted SPA's breakout, indicating further strength towards a $0.21605 target. The price surged into a $0.035-$0.040 resistance zone before retracing to $0.023, suggesting healthy consolidation after a strong rally. Historic resistance has acted as a barrier, and a successful breakout could target the $0.045-$0.050 range. Failure to overcome resistance might lead to another test of support levels.
Support from Moving Averages
The 50-day exponential moving average (EMA) at $0.0198 has provided crucial support. A shorter-term EMA sits just below, further strengthening this support level. The price bouncing off these EMAs indicates that buyers are defending this zone. As long as SPA holds above these EMAs, bullish sentiment remains intact. A decisive break below could shift momentum, bringing support levels at $0.018-$0.020 into focus.
Stochastic RSI and Market Momentum
The Stochastic Relative Strength Index (RSI) signals that SPA is in an oversold region, with values of 8.09 (blue) and 4.96 (orange). This suggests a potential upward reversal if the Stochastic RSI crosses upwards. If the indicator confirms a bullish crossover, traders could anticipate renewed buying pressure. This could provide the momentum needed to break through key resistance zones.
Sperax (SPA) continues to demonstrate potential for sustained growth while remaining above key supports. Technical indicators support the possibility of a bullish trend continuation, but further movements depend on the ability to breach existing resistance levels.
