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The Sandbox(SAND) price was stuck within a symmetrical triangle pattern for nearly two weeks, reflecting uncertainty among the market participants. However, a number of traders buying at discounted prices surged the altcoin higher to result in a bullish breakout of the pattern. As a result, the post-retest rally should surge the altcoin 143% higher. However, a dynamic resistance trendline may interrupt this rally.
Key points:
- The SAND price gives a bullish breakout from the triangle pattern
- The SAND buyers may struggle to surpass the downsloping resistance trendline.
- The intraday trading volume in SAND price is $828.5 Million, indicating a 155.41 hike.
Source- Tradingview
A steady downtrend Sandbox(SAND) price witnessed during April worsened during May as most crypto coins experienced a significant sell-off. Therefore, altcoin registered around a 70% loss in the past six weeks and hit a lower low of $0.97.
However, the SAND buyers have maintained their support at the $1 psychological mark and initiated a sideways walk, resonating in a symmetrical triangle pattern. This price pattern reflects aggressive buying and selling from the opposite ends, which eventually leads to absolute domination from one party.
Therefore, the traders could consider the triangle pattern as a no trading zone and wait for a genuine breakout from either side to confirm their entry.
Furthermore, an upside breakout from the triangle pattern would trigger a bullish pullback needed for the SAND price after an extended downfall. Thus, the potential rally may reach the $1.8 or $2.8 mark and, under extreme bullish situations, the $3.64 mark.
In case the price fails to sustain the above descending trend, altcoin may reenter the triangle and regain a fallout possibility.
Technical indicator
RSI- A strong rally in the daily RSI slope undermines the sideways price action and indicates the growing bullish momentum.
DMA- Out of the downsloping DMAs(20, 50, 100, and 200), the recent price jump has knocked out the first-line-of-defense-20 DMA. This flipped support may bolster the expected rally of triangle breakout.
- Resistance levels- $1.85 and $2.5
- Support levels- $1 and $0.88
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