On March 16th(Wednesday), the SAND/USDT pair closed 21% high on its intraday gain. The sudden SAND price increase was triggered by recent news, such as Sandbox’s partnership with ALTAVA Group to scale the metaverse’s luxury fashion and lifestyle service. Secondly, the banking and financial services organization HSBC entering the metaverse through Sandbox.
Key points:
- The SAND price struggles to overcome the descending trendline.
- The daily-RSI shows SAND price surged into the bullish territory
- The intraday trading volume in SAND price is $1.65 Billion, indicating a 56.6% gain.
Source- Tradingview
The Sandbox(SAND) price tagged the $2.66 monthly support multiple times, marking this level as an important accumulation zone. The buyers tried to bounce from this bottom support with hopes of carrying a new recovery rally.
However, the highly influenced descending trendline had been limiting the bullish attempts since November 2021. The price action nearing the apex of the converging descending trendline and $2.66 support suggests the altcoin would soon break either of these levels.
Reacting to some fundamental perks, the SAND price pumped higher with a significant spike in volume activity on Wednesday. The bullish engulfing candle retested the dynamic resistance trendline, but; the seller’s mounting strong defense tried to revert the altcoin below.
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If they succeeded, the coin price would again plunge to $2.66, resulting in a 16% fall.
Technical analysis
Contrary to the bearish price action, the RSI indicator slope respects a support trendline, trending high with new higher lows. This bullish divergence suggests the increased bullish momentum could give an upside breakout from the resistance trendline.
If buyers breach and close above the descending trendline, the traders could pump the coin price above the $4.45 mark.
The 50-day EMA line assists the bears to strengthen the defense descending trendline. The SAND price traveling below the crucial EMAs maintains a bearish tendency.
- Resistance levels- $3.5, $4.48
- Support levels- $2.66 and $2
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