SAND Technical Analysis: Bullish Pattern Helps Sandbox Float Above $1
SAND price action shows a growing uptrend leading to a potential support trendline teasing a price jump above the 50-day SMA.
Key technical points:
- The SAND market price action teases a cup and handles pattern in the daily chart.
- The price action attempts to breach the $1.10 resistance level.
- The 24-hour trading volume of Sandbox is $200 Million, indicating a rise of 15.42%.
Past Performance of SAND
An Incredible U-shaped turnaround in SAND prices from the $0.075 mark resulted in a rounding bottom pattern, accounting for a 60% jump within a week. The buyers fail to surpass the 50-day SMA resulting in a drop to the $1 mark. Nonetheless, the buyers manage to sustain the $1 threshold, tease a cup and handle pattern formation in the daily chart. Source- Tradingview
SAND Technical Analysis
SAND prices showcase a fall in trading volume during the retracement to $1, teasing the likelihood of a bullish reversal surprisingly opposing SMA. Hence, traders can find the freshly forming morning star pattern leading to a breakout rally surpassing the $1.45 Mark. The MACD indicator Shows the fast and slow lines struggling to sustain the uptrend as they approach the zero line. Hence, the diminishing bullish spread increases the likelihood of a bearish crossover restarting the downtrend. The RSI indicator showcases a rounding reversal from the 14-day SMA and teases to surpass the halfway line. Hence, the indicator showcases growth in the underlying bullishness and adds points to the bullish breakout theory. In a nutshell, the SAND price analysis displays a return of interest among the buyers, increasing the likelihood of a bull run.
SAND buyers can expect the cup and handle pattern formation to lead to a bullish breakout which may surpass the $1.45 mark and reach the next psychological mark of $2. Resistance Levels: $1.10 and $1.45 Support Levels: $1 and $0.70
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