Sandbox Price Analysis: SAND Token Price Prepares For Its Next Big Move Resonating In A Symmetrical Triangle Pattern
The SAND token rally is currently going through a minor correction after its rejection from the new All-Time High of the $8.5 mark. The token price is still resonating within the $8.5 and $5.7 levels, and therefore, the crypto trader should wait for a better signal that can determine the further course of the price.
Key technical points:
- The SAND shows a symmetrical triangle pattern in the 4-hour time frame chart
- The SAND token bears dropped the price below the crucial support of 50 EMA
- The intraday trading volume in the SAND token is $46.4 Million, indicating a 6.71% loss.
Source- SAND/USD chart by Tradingview
As mentioned in my previous article SAND/USD, on November 28th, the token price was trying to recover from the correction phase by displaying a bullish engulfing candle. However, the intense selling pressure in this token rejected the price immediately. The current price of this token is $6.28, with an intraday loss of 6.12%
Furthermore, the price is still moving above the first support the price took in this minor pullback, maintaining a solid uptrend. Moreover, the Relative Strength Index(61) supports a bullish sentiment.
SAND/USD 4-hour Time Frame Chart
Source- SAND/USD chart by Tradingview
This lower time frame chart shows the SAND price is resonating in a symmetrical triangle pattern. This price pattern provides a strong directional move in price when it gives a proper breakout from either of its trendlines.
However, the intense selling pressure in the token has dropped the token price below the 50 EMA line, which was earlier providing strong dynamic support. Moreover, the MACD indicator shows the MACD and signal line has recently dropped below the neutral zone(0.00), indicating bearish momentum for this token.
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