During the retracement phase, the SAND price lost almost 70% from the All-Time High of $8.48. The token price has plunged to $3.3, where the demand pressure near 200-day signals a bullish reversal. Moreover, recent news about Warner Music Group (WMG) entering the metaverse through Sandbox with its Music-centric theme park.
Key technical points:
- The daily-Stochastic indicator shows a bullish crossover among the K and D line
- The intraday trading volume in the SAND token is $1.3 Billion, indicating a 3.6% loss.
Source- Tradingview
In our last coverage on Sandbox technical analysis, the SAND buyers lost the 50% retracement mark($4.4). However, under the influence of bearish sentiment around the crypto-verse, the bear attack continued and dropped the token to $2.75, indicating more 17% devaluation.
- However, the buyers defended $2.75 SAND price mark, and along with the support of 200-EMA, the SAND price bounced back. The SAND/USD pair shows a 30% ROI from the recent low and has managed to reclaim a minor resistance of $3.3, teasing a recovery opportunity.
- The daily-Stochastic RSI providing a bullish crossover of the K and D line is steadily approaching the midline.
- However, the daily technical shows a bearish crossover of the 20 and 100 EMA, luring more sellers to the token.
Inverted H & S Pattern Brings Bullish Opportunity In SAND Price
Source-Tradingview
The recent recovery in SAND price shows an inverted head and shoulder pattern in the 4-hour time frame chart. The SAND price is currently retesting the $3.3 neckline after a bullish breakout, providing a long entry opportunity for traders.
With the price sustaining this breakout, the SAND/USD pair could rise to the $3.82 mark in the coming week.
The 4-hour moving average convergence divergence offers extra confirmation for this pattern breakout as both the MACD and signal jumps above the neutral zone(0.0)
- Resistance levels- $3.8, $4.4
- Support levels are $3.3 and $2.7
Disclaimer
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.
About Author
Source: https://coingape.com/markets/sandbox-price-analysis-200-day-moving-average-holds-declining-sand-price-has-correction-phases-ended/