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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.
Also Read: Explained: What is Physical NFT? and How to Sell Physical Items as NFT
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.
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