Resumed Recovery in Sandbox Coin Aims 15% Upswing

Amid the ongoing uncertainty in the crypto market, the Sandbox coin price showcased a power struggle to surpass a local resistance of $0.81. As a result, the coin price consolidated below the $0.81 ceiling for the past three weeks, trying to recuperate exhausted the bullish momentum. Thus, a massive breakout from the aforementioned resistance on February 7th offered a sign of the resumption of the bullish rally for SAND holders

Key Points: 

• A bullish breakout from $0.81 sets the SAND price for a near-term target of 15%.
• The reclaimed 200 DMA slope wavering at the $0.81 mark increases the support strength in level
• The intraday trading volume in SAND price is $754 Million, indicating a 371% gain.

Source- Tradingview

On January 14th, the SAND price gave a bullish breakout from the six-month-long wedge pattern, protecting an early sign of trend reversal. Furthermore, after a short pullback to the breached trendline, the post-retest rally drove the prices 23% up to form a local top at $0.81.

With the ongoing uncertainty in the crypto market, the Sandbox coin price went sideways below the $0.81 mark, creating a minor consolidation phase. However, on February 7th, the coin price witnessed a significant inflow showcasing a 28% intraday jump. This massive gain is most likely associated with the company’s recent news of signing a memorandum with Saudi Arabia on metaverse project development.

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The massive bullish candle formed after the announcement was enough to release the SAND price at the minor consolidation phase. By the press time, the coin price trades at $0.887, with an intraday loss of 2.7%. Therefore, a possible retest to the breach may validate price sustainability above $0.81 and offer an entry opportunity. 

This, with the sign of resumed recovery, the Sandbox coin price could reach the $1 resistance followed by the $1.5 mark.

Technical indicator

RSI: The daily RSI slope bounced back from the indicator’s midline, suggesting the market sentiment for Sandbox coins remains bullish.

DMA’s: the 50 and 100 DMA nearing a bullish crossover could accelerate the buying pressure in the market.

Sandbox Coin Price Intraday Levels

• Spot price: $0.887
• Trend: Bearish
• Volatility: Low
• Resistance level- $1 and $1.18
• Support level- $0.81 and $0.645.