Can Sandbox (SAND) Reclaim $1 – Price Analysis
SAND has had its price in a short consolidation in the $1 – $0.9 zone for over one week. Moreover, the alternative token gained around 4.32% yesterday. Also, the metaverse asset rebounded from support, following a morning star candlestick. Therefore, the bullish engulfing candlestick plus surging volume shows an impressive reversal that could attempt breakouts past $1.
- The latest correction dropped SAND price towards the 78.6% FIB retracement mark.
- The 24Hr RSI slope dodged the oversold territory.
- SAND’s intraday trading volume is $409.6M, suggesting a 10% drop.
SAND/USDT saw constant plunges in August’s second half. The alternative token dropped to $0.91, reflecting a 36% fall. The bear cycle broke several support zones, erasing approximately 76% of the gains recorded amid the June-July revival.
Moreover, recent sessions saw SA piercing the psychological support at $1. The breakdown could have welcomed a 21% fall toward the foothold at $0.776. nevertheless, the downside moves stopped at $0.91, preventing more losses for Sandbox holders.
SAND has had its price hovering beneath the new foothold and the crucial $1 level. That formed a narrow range surge. Nevertheless, the consolidation presents a retest period of $1 breakdown. The downward will likely stretch amid sustainability below the mark. Meantime, breaking under $0.9 would confirm a revisit to $0.775.
Contrarily, the price jumps past $1 would trigger a fakeout case, trapping aggressive short sellers. Therefore, forced liquidation of these investors will attract increased buying orders. That can propel SAND prices to the $1.08 level.
SAND fans should watch broad market sentiment for profitable decisions. Bearish dominated the marketplace during this publication. Meanwhile, most cryptocurrencies lost their crucial value areas, threatening more bloodbaths.
The indicator’s large spread confirms a massive directional rally – sellers in this context. Furthermore, the price uptick might hit the combing hurdle of $1 and the midline. That would indicate an enormous supply territory for potential price reversals.
Relative Strength Index
The daily Relative Strength Index rebounded from the oversold territory’s neckline, indicating possible coin price stability for more price dips.
- Support zones – $0.9, then $0.75
- Resistance zones – $1 and $1.08
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