Recovering in Sandbox Coin: 15% Upswing
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Brian Bollinger Despite the uncertainty in the crypto market, Sandbox coin prices displayed a struggle to overcome $0.81 local resistance. The result was that the coin price remained below the $0.81 ceiling for three weeks, as the bullish momentum was exhausted. Thus, a massive breakout from the aforementioned resistance on February 7th offered a sign of the resumption of the bullish rally for SAND holdersadvertisementKey Points: A bullish breakout from $0.81 sets the SAND price for a near-term target of 15%.
The support strength of level is increased by the reclaimed 200 DMA slope waving at the $0.81 mark
SAND price intraday trading volume is $754 million, which indicates a 371% gain.
Source: TradingviewOn January 14th the SAND price made a bullish breakout of the six-month-long wedge structure, protecting an early sign that the trend is reversing. After a brief pullback to the breached trendsline, the post-retest rally drove prices 23% higher to reach $0.81, forming a local top. This was due to ongoing uncertainty in the crypto market. The coin price saw a significant inflow on February 7, with a 28% intraday increase. This huge gain is likely due to the recent announcement by the company that it had signed a memorandum of understanding with Saudi Arabia regarding metaverse project development. Trending Stories The massive bullish candle that formed following the announcement was sufficient to release the SAND market price during the minor consolidation phase. The coin price traded at $0.887 at press time. There was a 2.7% intraday loss. A possible retest of the breach could validate price sustainability above $0.81, and provide an entry opportunity. This, with the sign of resumed recovery, the Sandbox coin price could reach the $1 resistance followed by the $1.5 mark.Technical indicatorRSI: The daily RSI slope bounced back from the indicator’s midline, suggesting the market sentiment for Sandbox coins remains bullish.advertisementDMA’s: the 50 and 100 DMA nearing a bullish crossover could accelerate the buying pressure in the market.Sandbox Coin Price Intraday LevelsSpot price: $0.887
Resistance level – $1 and $1.18
Support level: $0.81 and $0.645.
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