MEXCSandbox Price Analysis: Triangle Pattern Triggers 24% Fall in SAND Price
The Sandbox(SAND) price gradually narrowed within the descending trendline and $2.5 crucial support. As the coin price reached the apex, the sellers took a significant lead and breached the support neckline($2.5). The expected retest phase should validate the triangle breakdown, offering a 24% fall towards the $2 physiological mark.
Key points:
- The SAND buyers lost the crucial $2.5 support
- The 20-day EMA offers dynamic resistance to SAND price
- The 100-and-200-day EMA nearing a bearish crossover
- The intraday trading volume in SAND price is $409.6 Million, indicating a 10% loss.
Source- Tradingview
The SAND/USDT technical chart showed a descending triangle pattern in the daily time frame chart. The coin price formed new lower highs within this pattern, reflecting the losing bullish momentum.
Furthermore, the buyers have defended the $2.5 support since last quarter, indicating a strong accumulation zone for traders. However, with the recent sell-off in the crypto market, the SAND price is down by 5% today and breached the bottom support($2.5).
Therefore, a daily-candle closing below this level would project a breakdown opportunity with the post-retest rally to drop 25% lower to $2 psychological support.
However, even if the SAND sellers couldn’t sustain below the $2.5 mark, the buyers need to breach the dynamic resistance trendline to confirm a bullish recovery.
Technical indicator
The Bollinger band indicator accentuated the narrowing range within the triangle pattern. Furthermore, the SAND price breached shared support of $2.5, and the indicator’s lower band provided an extra edge for short-sellers.
The SAND price trading below the downsloping crucial EMAs(20, 50, 100, and 200) projects the sellers have the upper hand.
Moreover, the vortex indicator escapes from a bullish crossover between the VI+ and VI- line and undermines the buyer’s attempt to regain trend control. The increasing gap between these lines suggests strong selling in the market.
- Resistance levels- $2.5,and $3
- Support levels- $2 and $1.5
- FOMC Meeting Today: Where to Watch and Key Expectations for Crypto Market
- Changpeng ‘CZ’ Zhao Confirms Defamation Lawsuit Plans Against Sen Elizabeth Warren
- Pi Coin Gains Another 15% As Pi Network Joins ISO 20022 For Seamless Banking Integration
- Bitwise Solana Staking ETF (BSOL) Records $69.5M Inflows on Debut, But SOL Slips
- Trump Insider Whale Reloads $430M Long on BTC, ETH Ahead of Tomorrow’s Fed Rate Cut Decision
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
- HBAR Price Poised to Hit $0.30 as Canary Capital ETF Starts Trading.
- Will Solana Price Rally to $300 as Bitwise Launches $BSOL ETF?
- XRP Price Chart Patterns Hint at 2017-Style Breakout as Evernorth Acquires $1B XRP Ahead of Nasdaq Debut
- Cardano Price Eyes 80% Rally as x402 Upgrade Sparks Hope for AI Payment Expansion
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
