SAND Price Analysis: SAND Coin broke out of a descending triangle pattern on the daily chart and is in a consolidation phase

• SAND Coin Price has been on a bullish trend after breaking out of the triangle pattern and taking support at $ 2.60
• The token has formed a bullish parallel channel on the hourly chart
• MACD indicates bullishness for the coin on the hourly chart

SAND Coin Price has broken down from a bearish descending triangle earlier this month. The coin however has taken support at a long-term support zone and has been on a bullish run since testing that support. The coin looks to continue trading in the zone between the base of the triangle pattern, which is now its resistance, and the long-term support at $ 2.60. The volumes for the coin have been consistently low over the past couple of months. The coin initiated the descending triangle pattern after reaching the peak of $ 8.90 after a brief bull run.

SAND Coin Price has been on a bullish wedge pattern over the past few sessions on the hourly chart. The Moving Average Convergence Divergence (MACD) indicator also indicates the continuance of the momentum over the next few trading hours. The volumes have been wavering around a good average over the past few sessions. The coin however has immediate resistance at $ 4.40 and it remains to be seen how the coin will behave around that level.

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Conclusion:

The coin price has been on a bullish parallel channel over the last few trading sessions after taking support at the long-term support zone of $ 2.60. The coin looks set to continue trading in the current zone over the next few trading sessions.

Support: $ 2.60

Resistance: $ 4.40

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.