cointelegraph.com
SAND, the native token of the Sandbox — a blockchain-based gaming platform owned by Animoca Brands, inched higher on Tuesday, building on its gains made all across November, to reach another record high.
SAND token price rose to $5.64 after swelling 16.25% intraday but retraced some of those gains to trade at $5.54 at the press time. The move took the Sandbox token's month-to-date (MTD) and year-to-date (YTD) gains to nearly 260% and over 14,700%, respectively, with its market capitalization crossing above $5 billion, making it the 41st-largest coin in the sector.
That does not mean that the bull trend is over, but alerts about a possible short-term pullback move. The following chart shows the potential entry and exit targets for the sessions ahead, based on the Fibonacci retracement graph between $0.17-swing low and $8.72-swing high.
A pullback upon testing 0.382 Fib level at $5.45 could have SAND return to its next support line at the 0.5 Fib level, near $4.45. The same line has acted as resistance during SAND's upside attempts between Nov. 18 and Nov. 22.
Conversely, a continued move above $5.45, accompanied by a rise in volumes, may open the possibility for SAND to test $6.70 — at 0.236 Fib level — as its next upside target.
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