Published 10 mins ago
On June 19th, the Sandbox (SAND) price rebounded from the $0.8 support with tweezer bottom candles. The resulting recovery rally surged the altcoin above the $1 psychological barrier and just today’s $1.11 chart level. If the coin price shows sustainability above this breached resistance, the traders can expect a 33% growth opportunity.
Key points:
- The SAND chart shows seven consecutive green candles in the daily time frame chart.
- The SAND price faces intense supply pressure near the $1.11 mark.
- The intraday trading volume in SAND price is $385.7 Million, indicating a 3.22% loss.
Source- Tradingview
On June 11th, the $1.11 support fallout declared a four-week consolidation phase in the seller’s favor. The resulting downfall depreciated the altcoin by 32%, reaching a low of $0.737.
However, the SAND buyers managed to sustain above the $0.8 psychological support and triggered a new recovery rally. The seven consecutive green candles accentuated the U-shaped recovery and surged the altcoin by 40.5%.
The bullish rally pokes the $1.11 flipped resistance, indicating the buyers are attempting another leg up. If the SAND buyers give a candle closing above the $1.11 mark, the accelerated bullish momentum could surge the altcoin 33% higher to the $1.52 mark.
However, the long-tail rejection attached to today’s daily candle reflects weakness in bullish commitment. If the sellers pull the SAND price below the breached resistance, it may continue to consolidate within the $0.8 and $1.11 barriers.
Technical indicator
The SAND price surged above the Bollinger Band indicator’s neutral line, accentuating the sentiment among the market participants. Moreover, this midline should act as viable support to sustain the altcoin at higher levels.
A bullish crossover between the MACD and signal lines provides a buy signal to coin traders. Moreover, the rising green candle in the histogram chart reflects the growth in bullish momentum.
- Resistance levels- $1.26,and $1.52
- Support levels- $1.11 and $0.96
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.
Source: https://coingape.com/markets/sandbox-price-analysis-u-shaped-recovery-could-lead-sand-above-1-5/