SAND Token Noted a Reversal; Will It Retain the Upside of $0.7000?

The Sandbox is a blockchain-based game that is somehow different from traditional games like Minecraft or Roblox because it offers real-life income opportunities by monetization. The Sandbox contains three types of tokens: ASSETS, LAND, and SAND. Recently, the token noted a reversal and jumped back from its support zone of $0.4100. Furthermore, the token noted a double bottom pattern near it, and buyers lifted the token price from the lows and recovered over 20% in the last weeks.

The Sandbox price has climbed above the key moving averages and depicts the follow-on buying momentum in the last sessions. The token has decisively surpassed the round mark of $0.5000, which conveys the bulls’ intent that they are readying to retest the supply zone of $0.7000 shortly. Additionally, a golden crossover was witnessed, a key reversal sign offering significant upside for the upcoming sessions.

The Sandbox (SAND) price was $0.5015 at press time, with an intraday gain of 0.31%, reflecting neutrality on the charts. Moreover, the trading volume increased by 15.31% to $82.42 Million. The pair of SAND/BTC is at 0.00000969 BTC, and the market cap is $1.24 Billion. Analysts are neutral and suggest that the token price will retest the upside of $0.7000 in the following sessions.

SAND On Daily Charts Exhibits Falling Wedge Breakout

The SAND token has regained strength on the daily charts, and fresh buying momentum was witnessed in the recent sessions. Moreover, the sellers are trapped and are covering their positions, resulting in a bounce from the 100-day EMA mark. The bounce may continue to extend and strike the immediate hurdle of $0.5500, opening the door to an upside to $0.7000.

The Relative Strength Index (RSI) curve stays in the overbought zone and forms a positive crossover, signifying the buying momentum. Moreover, the MACD indicator shows a bullish crossover and displays green bars on the histogram, suggesting the reversal may glimpse bullishness in the following sessions.

SAND On Weekly Charts Displays Rounding Bottom Formation

On the weekly charts, the SAND token has exhibited a rounding shape of recovery and recuperated from the lows of $0.2800. Moreover, the token has completed its correction phase and is ready to sparkle the fireworks soon. Furthermore, the token has vast room for the upside and may trigger a bounce toward $0.7000, followed by $1 soon.

Summary

The SAND price has reverted its trend, and buying momentum was glanced at in the last sessions. Following the market surge, the token has noted a golden crossover and is readying to reach the blue sky zone above $0.7000 soon.

Technical Levels

Support Levels: $0.4800 and $0.4500

Resistance Levels:$0. 5500 and $0.6000

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.