Sandbox Has Formed an Attractive Price Pattern, Will You Buy?

• The Sandbox price is showing bullish momentum due to a rounding bottom formation.
• A gradual increase may soon reach the $1.0 volatility level.
• The market capitalization increased by 8.25% overnight, registering $838.8 million.

The Sandbox (SAND) price turned bullish earlier in 2023. Finally the uncertainty from the crypto market is slowly reducing and people are motivated to invest, therefore, the total crypto market capitalization rose above $900 billion this week and analysts expect $1 trillion in the upcoming week.

The Sandbox (SAND) price recovery shows a round bottom formation on the daily time frame. Amidst this recovery, there is only one bearish candle in the last 12 days, which shows that the buyers are holding SAND token firmly in their hands. As a result, SAND investors gained about 46% in January.

In terms of the daily price scale, The Sandbox Crypto remains above the red moving lines of the EMA ribbon indicator. Later, if the price correction phase takes place further, the bulls have found several hedge areas to sustain the price. Going forward, the next bullish hurdle is visible at the 200 EMA.

At the time of writing, SAND token price is trading at $0.559 against USDT. Notably, the buyers reached a 30-day high of $0.5720 in the intraday trading session. Meanwhile, the market capitalization rose by 8.25% overnight, registering $838.8 million.

Trading volume started declining on 9 January. Despite the 30-day highs, traders face low volatility in the market due to low volumes. Thus, the trading volume as per overnight data was recorded at $255 million.

On the daily price chart, the RSI indicator is trading in the oversold zone after a bullish recovery from the oversold zone. Similarly, the MACD tends to avoid higher-higher histograms as well as negative areas.

Conclusion

The Sandbox (SAND) coin is moving towards the next resistance level of $0.62. Buyers are expecting more additions to the portfolio to maintain their dominance.

Support level – $0.5 and $0.40

Resistance level – $0.620 and $10

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

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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