Sandbox price prediction stays bullish for the next few months and suggests new swing highs are possible. It performed well in the last two months and reverses the trend in an upward direction.
The SAND coin price gave a breakout of the $0.4500 hurdle with a high volume, which triggered the positive sentiment. The price later rallied approximately 30% in just four trading sessions and hit a swing high at $0.5963.
The SAND crypto price tried to hit new swing highs but sellers got active near $0.5963 and price lost the momentum. Recently, the SAND price witnessed a minor sell-off and retraced back to the 50-day EMA.
The chart pattern looks bullish so if the price tests the 50-day EMA, buyers may come forward and show a bounce.
In the last week, Sandbox crypto witnessed a massive spike in the buying volume and the price which correlates with it. It shows that some genuine investors might have injected the money in an expectation of outperformance.
At the time of writing, the SAND price is trading at $0.4856 with an intraday decline of -4.99%. In the last 24 hours volume to market cap was recorded at 16.44%.
Will Sandbox Price Bounce Back From EMA?
Sandbox price lost the bullish momentum and reversed downward. It has already rallied a lot so minor corrections are good for the fair price discovery. As long as the SAND crypto sustains above the $0.3643 level, the bulls will remain active and the probability of bouncing back remains high.
The next phase of the rally in SAND will trigger when buyers are able to break out of the $0.5963 resistance. Till then, the price may spend some time in consolidation and form a base.
The analysis suggests that the SAND price is at attractive levels and aggressive traders may take the risk and look for scalping opportunities.
SAND Price Retested the Breakout Level
SAND price fell 13% in the current week and retested the breakout level. However, it will be interesting to see whether the buyers are able to defend the EMA support or not.
If the situation gets worse and the sell-off gets intensified, bears may try to pull the price down to the $0.3643 level.
The MACD curve slopes sideways indicating that the downfall will halt soon and consolidation will begin. The RSI at 58 reversed down from the overbought territory. It indicates that a decent correction is over and the price may any time take a U-turn.
Conclusion
The Sandbox price prediction stays bullish for the next few months. The recent downfall in SAND crypto looks temporary so the probability of bounce back from EMA remains high.
The analysis suggests that the downfall in SAND might take a halt near the EMA and new participants may come forward to give a bounce.
Technical levels
- Resistance levels: $0.5963 and $0.6500
- Support levels: $0.4200 and $0.3643
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/12/13/sandbox-price-is-reversing-down-will-sand-erode-previous-gains/