Sandbox Price Analysis: Emerging Pattern May Soar SAND price by 20%

The SAND price V-top reversal from the $1.27 resistance, questions the credibility of last week’s recovery rally. The downfall approaches the immediate support of $1, threatening another breakdown with a 19% loss possibility. But what if it doesn’t? 

Key points:

• A lower price rejection candle at $1 validates it as a strong support
• The SAND chart hints at a potential cup and handle pattern.
• The intraday trading volume in SAND price is $575.5 Million, indicating a 48.3% rise.

Source- Tradingview

The SAND/USDT prices U-shaped recovery during the June third week soared the market value by 60%. However, another wave of selling pressure the altcoin witnessed last week undermined the bullish momentum as the price immediately reverted from $1.27.

The falling SAND price has tumbled 18.2%, where it currently trades are $1.04. The sustained selling should lead altcoin to flipped support of $1, and if the selling pressure persists and pulls the coin price below the mentioned support. 

Thus, losing support would intensify the bearish momentum and threaten a 19% downfall to June’s bottom support of $0.793. 

On a contract note, if the buyers managed to defend $1 support and rebound the price higher, the coin chart hints at the formation of the Cup and Handle pattern. 

This bullish reversal pattern could bolster SAND buyers to breach the overhead resistance of $1.27, with enough juice to extend the recovery to $1.53

Technical indicator

RSI Indicator: The daily-RSI slope nosedive into the bearish zone and teases a breakdown from the 14-SMA line. The crossover wrestled trend control, suggesting a better possibility for $ breakdown. 

EMAs: Though the SAND price managed to breach a crucial dynamic resistance of 20-EMA, it couldn’t surpass the 50-EMA slope, strengthening the defense line at $1.27

• Resistance levels- $1.27 and $1.53
• Support levels- $0.98 and $0.79.3