Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5
On June 19th, the Sandbox (SAND) price rebounded from the $0.8 support with tweezer bottom candles. The resulting recovery rally surged the altcoin above the $1 psychological barrier and just today’s $1.11 chart level. If the coin price shows sustainability above this breached resistance, the traders can expect a 33% growth opportunity.
Key points:
- The SAND chart shows seven consecutive green candles in the daily time frame chart.
- The SAND price faces intense supply pressure near the $1.11 mark.
- The intraday trading volume in SAND price is $385.7 Million, indicating a 3.22% loss.
Source- Tradingview
On June 11th, the $1.11 support fallout declared a four-week consolidation phase in the seller’s favor. The resulting downfall depreciated the altcoin by 32%, reaching a low of $0.737.
However, the SAND buyers managed to sustain above the $0.8 psychological support and triggered a new recovery rally. The seven consecutive green candles accentuated the U-shaped recovery and surged the altcoin by 40.5%.
The bullish rally pokes the $1.11 flipped resistance, indicating the buyers are attempting another leg up. If the SAND buyers give a candle closing above the $1.11 mark, the accelerated bullish momentum could surge the altcoin 33% higher to the $1.52 mark.
However, the long-tail rejection attached to today’s daily candle reflects weakness in bullish commitment. If the sellers pull the SAND price below the breached resistance, it may continue to consolidate within the $0.8 and $1.11 barriers.
Technical indicator
The SAND price surged above the Bollinger Band indicator’s neutral line, accentuating the sentiment among the market participants. Moreover, this midline should act as viable support to sustain the altcoin at higher levels.
A bullish crossover between the MACD and signal lines provides a buy signal to coin traders. Moreover, the rising green candle in the histogram chart reflects the growth in bullish momentum.
- Resistance levels- $1.26,and $1.52
- Support levels- $1.11 and $0.96
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.
- Bitget Blends Crypto Trading With MotoGP Brazil Fan Experience Push
- ZachXBT Reports Russian OTC Broker Allegedly Laundered $4.7M+ in Crypto
- 3 Top Reasons Why Coinbase Stock is Sliding Today?
- Bernstein Says Bitcoin Has Bottomed Even as U.S.-Iran Peace Talks Remain Uncertain
- Monero Privacy Demand Hits Record Highs: How GhostSwap Is Meeting the BTC to XMR Surge
- Dogecoin, Shiba Inu, and Pepe Coin Price Outlook as Markets Rise on U.S.–Iran Temporary Pause
- Bittensor (TAO) Price Soars 80% MoM Outperforming Bitcoin- Is It A Good Time to Buy?
- Top Factors Behind Shiba Inu (SHIB) Price Surging Today
- Gold Vs BTC: Bitcoin Outperforms Gold by 23% – Is $75K Next Amid Trump’s Five Day Pause
- Crypto Stocks to Watch As Trump Issues 48-Hour Iran Ultimatum- CRCL, COIN, and MSTR Price Analysis
- XRP Price Prediction Ahead of March 27 SEC Spot ETF Decision
