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Vikram
Jun 23, 2022
by Vikram

SAND Technical Analysis: Reversal in Sandbox Soon To Retest $1

SAND Technical Analysis

Table of contents

  1. Past Performance of SAND
  2. SAND Technical Analysis 
  3. Upcoming Trend
SAND prices take a bullish turnaround as the bulls resurface to take a breather. Will this recovery rally sustain above $1?

Key technical points:

  • SAND market price has increased by 7.21% over the past 24 hours.

  • The price action shows a retest of $1.

  • The 24-hour trading volume of Sandbox is $433 Million, indicating a hike of 40%.

    • Past Performance of SAND

    The SAND price history shows a bearish phase over the past few months due to the increased liquidation as Bitcoin reached the $20K support. The downfall brought the Sandbox prices under the $1 mark but took a bullish turnaround from $0.80 this week, accounting for a 28% jump. The reversal retests the $1 fallout and shows long wick formations in the daily candles warning of a potential bearish continuation.

    TradingView Chart

    Source- Tradingview

    SAND Technical Analysis 

    In the SAND/USD technical chart, the reversal rally shows high volume support representing an increasing interest among traders. Hence, a high volatile move can be expected shortly.

    MACD indicator: The bullish reversal undermines the bearish crossover as the fast and signal regain the positive alignment and head to the zero line. Hence, the indicator projects a high possibility of a bullish trend.

    RSI Indicator: The RSI slope takes a sharp bullish turnaround from the oversold zone after a divergence breakout to surpass the 14-day SMA. Moreover, the RSI may shortly surpass the halfway line signaling a buying spot.

    Bollinger Bands: The bullish reversal reverses the trend in the Bollinger bands as the upper and lower bands take a lateral shift from the downtrend. Furthermore, the reversal rally reaches the midline and prepares to reach the upper band to signal a high-momentum uptrend.

    In a nutshell, the SAND technical analysis forecasts a bullish trend continuation.

    Upcoming Trend

    SAND prices show a V-shaped reversal rally ready to surpass the $1 mark, which may drive the prices higher to $1.45.

    Resistance Levels: $1 and $1.45

    Support Levels: $0.80 and $0.68

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    SAND Technical Analysis: Reversal in Sandbox Soon To Retest $1
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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