Facebook’s recent rebranding to META endorses the metaverse, consequently leading to a surge in the price of metaverse-related crypto projects such as SAND, AXS, and MANA. The social media giant shifts its long-term focus from messaging and social media to immersive 3D virtual environments. Let’s analyze the SANDUSDT price chart for significant chart patterns, trends, support, and resistance levels.
The SAND token records a new all-time high in the fourth quarter of 2021 following a hidden bullish divergence pattern on the weekly chart above. Bullish momentum persists on the weekly time frame of the SANDUSDT as the relative strength index records higher readings above level-75 and level-25.
We anticipate a price pull-back, however, we’ll have to move down to the lower daily and 4HR time frames to see if we can enter at oversold levels.
The daily time also shows an uptrend for the SANDUSDT as the RSI records higher numbers above level-25.
A sudden price close above the 26 October ’21 resistance confirmed the decision to take a long position and a price surge to the upside. Meanwhile, we still anticipate a price correction and we’ll have to move to the lower 4HR time frame for clues into the price pull-back.
The 4HR intraday time frame reveals entry price levels where the RSI plunged below level-25 on 17 October 20:00 and 27 October 08:00.
A series of hidden bullish divergence setups with the most recent on 31 October 16:00 suggest that the SAND token may have found a price floor at 1.4422 and is set to resume the uptrend towards the $2.450 resistance.
However, the 1HR time frame signals a regular bullish divergence upon exiting the oversold area.
With that said, we expect the uptrend to continue from the intraday time frames.
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