Here’s Why Sandbox Coin Could Hit $1 In Coming Weeks
On January 17th, the Sandbox coin price gave a massive breakout from the long coming resistance trendline of the parallel channel pattern. In theory, a bullish breakout from this pattern indicates a recuperation of bullish momentum and a sign of a bullish recovery rally. In response to this pattern, these prices are currently trying to breach the $0.8 resistance. Should you enter now?
Key Points:
- A bullish breakout from $0.8 sets the SAND price for a New term target of 25%.
- The reclaimed EMAs(20, 50, and 100) could support the coin price in case of possible pullback
- The intraday trading volume in SAND price is $525 Million, indicating a 226% gain.
Source- Tradingview
Earlier this week, amid a minor consolidation in the crypto market, the SAND price managed to retest the breached trendline as valid support. During the retest phase, the SAND price held about the trendline, indicating that the prices could sustain higher levels.
The post-correction rally has appreciated the Sandbox price by 17.6% in the last three days, currently trading at the $0.81 mark. Furthermore, with the increasing volume activity, the buyers attempt to breach the following resistance of $0.8.
Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023
If the daily candle closes about the $0.8 resistance, the buyers will gain a suitable launchpad to fuel further price rallies. The post-breakout rally could surge the prices 25% higher to challenge the $1 mark.
However, as per the technical setup, a breakout from the parallel channel pattern would lead a price rally to the highest swing top, which for Sandcoin price is $1.5.
However, if this altcoin is struggling to sustain about the $0.8 barrier, the price action could run sideways for a few trading sessions.
Technical Indicator
RSI: The daily RSI slope moving in the overbought region indicates excessive buying in the short term. Therefore a correction phase is needed to stabilize the prices for the next recovery cycle.
EMA’s: the 20 and 100-day EMA nearing a bullish crossover could attract more buying orders in the market.
Sandbox Coin Price Intraday Levels
- Spot price: $0.8
- Trend: Bullish
- Volatility: Medium
- Resistance level- $0.8 and $1
- Support level- $0.645 and $0.53.
- Is This Final Bitcoin Price Correction Before US Shutdown Ends, Fed Rate Cuts?
- Blockchain for Good Alliance and UNDP AltFinLab Launch Blockchain Impact Forum
- ‘Trump Insider Whale’ Increases Bitcoin Short As U.S. Counters China in New Australia Deal
- Trump Advisor Hints US Government Shutdown Could End This Week, Opening Door for XRP ETF Ruling
- Ethereum’s Vitalik Buterin Responds to Allegations of Excessive Control By ETH Inner Circle
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
- Bitcoin Price Prediction as Gaussian Channel Turns Green Amid U.S.–China Trade Progress and Fed Rate Cut Hopes
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
