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SAND Technical Analysis: Uptrend Seen Near the Psychological Level of $4

cryptoknowmics.com 17 November 2021 10:50, UTC
Reading time: ~3 m

Launched in 2011 by Pixowl, The Sandbox is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralized autonomous organizations (DAO) and non-fungible tokens (NFTs), the Sandbox creates a decentralized platform for a thriving gaming community. Let us look at the technical analysis of SAND.

Past Performance

After a sudden increase three-week ago, the SAND price has not seen a significant decline since then. A general uptrend can be seen as the price has increased 337.33% in the last month. Today, it has made a new all-time high at $3.61.

On November 10, 2021, SAND opened at $2.38. And, it closed on November 16, 2021, at $3.23. This was a weekly change of 35.71%. Whereas in the last 24-hour, the price has ranged between a low of $2.32 and a high of $3.61.

Source: https://www.tradingview.com/x/RN09TFA0/

SAND Technical Analysis

The chart is showing that the price is in positive momentum. As higher highs and higher lows can be seen for the past one week, the same is expected in the upcoming days. However, the trend may reverse itself if it reaches the psychological target at $4.

The On-Balance-Volume indicator shows that the buying pressure is dominating the selling pressure. This is a strong signal for the traders to take a long position here.

The RSI graph is also on an uptrend, showing the increasing domination of the bulls in the market. Currently, at 73.30%, it has just entered the overbought region.

During the past week, the MACD line and the Signal line in the MACD graph were overlapping each other. Now, a bullish crossover can be seen, which is again a very strong signal for the traders to take a long position.

Day-Ahead and Tomorrow

The Sandbox price has moved parabolically post-Facebook’s rebranding to Meta. It was almost surged by more than 500%, reaching an ATH of $3.45 on 3rd November 2021. Later with a quick correction at $2.29 the asset has taken another leg up to $3.10 at the press time. If the coin continues to carry forward the momentum, then the SAND price would reach a maximum of $6.8 by the year’s end.

Moreover, Sandbox is launching Sandbox Alpha on November 29, 2021. The Sandbox Alpha is an open multi-week play-to-Earn event starting on November 29 at 1 PM UTC, in which players will have the opportunity to explore The Sandbox Metaverse for the first time, through 18 experiences created by The Sandbox’s teams.

For the short-term, the indicators are showing that the traders may take a long position. This is due to the ongoing uptrend, as well as the current momentum of the price. They can keep their target at $4 while keeping a stop-loss at $2.775.

Fib retracement shows that the price is currently being tested at the pivot point at $3.45. If it crosses this level, the next Fib level will be at $4.33.

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