SAND Price Analysis: Bulls are on the rise; can bears defeat the mighty bulls?

The token has shown bullish actions in the previous sessions.
SAND token has crossed 50 EMA on the daily time frame.

With strong bullish momentum, SAND token has recovered off the support level of $0.3799 and has gained over 100% in the last few weeks, providing investors with higher returns. In the daily time frame, the token has broken out of the downward parallel channel.

SAND on the daily chart

The token’s long-term downtrend came to a halt when bulls took the charge, pushing up the price of the token. According to the daily chart, SAND token is currently trading at $0.8038, up 4.48% in the last 24 hours. It is trading between its two key Moving Averages, the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA).

Relative Strength Index: The asset’s RSI curve is currently trading at 81.32, indicating that it is in a strong overbought zone. The recent increase in the token price has increased the value of the RSI curve. The RSI curve has crossed over the 14 SMA, indicating that the market is bullish. If the bulls maintain their momentum and the price of the token continues to increase, the RSI curve will remain in the overbought zone.

Analyst view & Expectations

In the daily time frame, the token has successfully broken out of the downward parallel channel and crossed over the 50 EMA. Investors who are ready to take risk can buy now, while those who want to trade safely can wait for the token to break over the resistance level of $0.9191 before buying. Intraday traders, on the other hand, have a good opportunity to go long once the token breaks over the resistance level and book profits based on their risk to reward ratio.

According to our current The Sandbox price prediction, the value of The Sandbox is expected to climb by 0.88% in the next few days, reaching $ 0.809363. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 53. (Neutral). Over the previous 30 days, the Sandbox produced 20/30 (67%) green days and 22.59% price volatility. According to our The Sandbox forecast, now is a good time to buy The Sandbox.

Technical Levels

Major support: $0.6183

Major resistance: $0.9191

Conclusion

After looking at the rise in the token’s price in the past week we can say that the token has entered a short term uptrend with bulls driving up the price of the token. Investors who want to invest should do it on their own by managing their risk.

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.