Sandbox (SAND) Price Test 0.50% Fibonacci Retracement At $4.5

By Rekha chauhan
February 5, 2022 Updated February 5, 2022
Best In

Earn

Telegram

Sandbox (SAND) price rises for the second straight day on Saturday. SAND has rallied more than 65% from the January 22 lows. However, the extent of this rally is expected to reach its saturation point at the 0.50% Fibonacci retracement.

  • Sandbox (SAND) price extends the previous session’s gains on Saturday.
  • More upside if the price gives a decisive close above 0.50% Fibonacci retracement.
  • The momentum oscillator supports the current upside momentum.

As of press time the SAND is trading at $4.24, up 5.83% for the day. The 24-hour trading volume stands at $1,353,446,561 with more than 80% gains.

Sandbox landed investments from Softbank

The Sandbox is a 3D blockchain-based Metaverse. The fundamental reason behind the recent rally is the announcement from Web3 upcoming LAND sale scheduled for February 10th. The sale will include over 550+ LAND, 8 ESTATE auctions, and Premium NFTs.

SAND keeps eye on 0.382% Fibonacci retracement

On the daily chart, the Sandbox (SAND) price has fallen below the 0.618% Fibonacci retracement level, which is extending from the lows of $0.749 at $2.83.

Source: Trading view

Furthermore, the upside momentum got support from the 200 DMA at $2.58. The double confirmation leads the gains thus pulling up the price in an upward trajectory.

The Daily Relative Strength Index (RSI) trades at 50 supporting the current upside momentum. The upward slope in the momentum oscillator could push up the price of $0.382 Fibonacci retracement at $5.58.

Now the price has moved up to the 0.5% Fibonacci retracement at the current levels.

However, the ‘double top’ formation, which is a bearish reversal pattern near $4.50. The price could retreat toward the $2.84 level.

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Next Story