SAND Technical Analysis: Bull Cycle Struggles To Gain Momentum

Key technical points:

Past Performance of SAND

SAND prices spiraled down drastically in the falling expanding channel starting from April and accounting for a 68% downfall. This drastic decrease in market value influenced the death cross and the 100 and 200-day crossover. However, the recent support at the descending trendline leads to a sideways shift teasing a potential bullish reversal.

Source-Tradingview

SAND Technical Analysis 

SAND price action shows a potential double bottom pattern forming in the consolidation range at the psychological mark of $1. Moreover, the last night’s bullish recovery comes with a boom in trading volume, reflecting increased bullish commitment.  

The bearish alignment of the falling EMAs, achieved under the influence of the bear cycle, reflects a solid downtrend in action. 

The RSI slope shows a sideways trend above the oversold boundary after the recent 14-day SMA breakout. The RSI and the SMA currently maintain a lateral line attempting to reach the halfway mark.

The K and D lines of the Stochastic RSI show an uptrend in action, ready to reach the overbought territory.

In short, the SAND technical analysis forecasts a potential bullish breakout of $1.45 to reach the resistance trendline.

Upcoming Trend

If SAND prices manage to gain a double bottom breakout with the neckline at $1.45, an uptrend to $1.75 seems inevitable, which will increase the trendline breakout chances. In such a case, the breakout rally will reach the psychological mark of $2.

Support Levels: $1 and $0.68

Resistance Levels: $1.75 and $2