en
Back to the list

SAND Technical Analysis: Bullish Pattern Helps Sandbox Float Above $1


cryptoknowmics.com 04 July 2022 14:31, UTC
  
Reading time: ~2 m

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. TradingView 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.

Upcoming Trend

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


   Source
Back to the list