Sandbox Price Analysis: Cup & Handle Pattern Aims SAND to Reach $1.5
Under the influence of the cup and handle pattern, the SAND price offered a 20% pullback opportunity from the $1.28 resistance, which plunged to the flipped support of $1. However, today, the coin price witnessed a significant inflow and surged 12.5% higher, where it currently trades at $1.17. The sustained buying may breach the $1.28 neckline, offering a recovery opportunity.
Key points:
- The cup and handle breakout may surge SAND price by 20%
- Bollinger band indicator midline flipped into a viable support
- The intraday trading volume in SAND price is $341 Million, indicating a 132% rise.
Source- Tradingview
SAND prices took a bullish turnaround from the $0.68 support level during mid-June, after the bearish downfall under the $1 mark. The reversal rally results in a rounding bottom pattern surpassing the $1 mark.
However, the SAND buyers failed to sustain the buying pressure resulting in a bearish retracement from the 50-day SMA resulting in the retest of a $1 breakout.
The ongoing streak of Doji Candle formation tees is a bullish reversal to complete a cup and handle pattern formation. However, the lack of bullish support evident by the falling trend in the trading volume warns of a bullish failure.
If buyers manage to complete the pattern formation, the market price will surpass the 50day SMA on the bullish breakout, potentially surpassing the $1.50 mark.
Conversely, the bullish failure to surpass the 50 SMA will result in the fallout of the psychological mark of $1, where traders can expect the fallout rally to reach the bottom support of $0.68.
Technical indicator
Bollinger Band indicator: on June 24th, the SAND breached the indicator midline, indicating the buyers wrestled trend control from the sellers. Moreover, this neutral line aligned with the $1 psychological support bolstered the bullish recovery.
OBV indicator: a significant rise in OBV slope in response to the recent price jump, accentuating a genuine recovery rally.
- Resistance levels- $1.2 and $1.53
- Support levels- $0.98 and $0.79.3
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