SAND Buyers Await Trendline Breakout To Go Long

Since the Sandbox(SAND) holders lost the $2.5 crucial support, the coin price has witnessed a steady downfall accentuated by a descending trendline. Moreover, several retests to this dynamic resistance indicate the traders are actively responding to its level. Thus, the interested buyers should wait for trendline breakout to grab a long opportunity.

Key points: 

• The SAND price is soon to retest at $1 psychological support
• The 20-day DMA offers constant resistance to SAND price
• The intraday trading volume in SAND price is $1.08 Billion, indicating a 146.3% hike.

 Source- Tradingview

For the first four months of 2022, the Sandbox(SAND) buyers had mounted absolute support at the $2.5 mark. However, the formation of new lower lows reflected the weakening of bullish momentum, which eventually breached this bottom support. 

The $2.5 fallout support triggered a massive sell-off, and the wide signal of negative sentiment in the crypto market bolstered the downfall to the new lower low of $0.097. Moreover, the post-retest fall registered a 58% loss.

On May 13th, the SAND price rebounded from the $1 mark, suggesting a bullish pullback to the overhead resistance. However, with the bitcoin price failed attempt to sustain above the $30000 mark, this altcoin price reverted and plans to retest the $1.

Thus, if sellers continue to pressurize the coin price, the SAND holder could lose the $1 mark and be exposed to a 40% loss.

Alternatively, a bullish breakout from the descending trendline could signal a recovery sign for SAND buyers and drive the coin price 180% high to $3.62 mark.

Technical indicator

The Vortex indicator maintains a significant gap between the bearishly aligned VI+ and VI- indicator sustained selling in the market.

A strong rise in daily-ADX slope with no weakness indicates steady growth in the bearish momentum.

• Resistance levels- $1.85 and $2.5
• Support levels- $1 and $0.58

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.