SAND Technical Analysis: Trend Within Channel Arrives At A Crossroad
The game was launched in the month of October 2021. Planet Sandbox claims to be the largest third-person sandbox in the world of blockchain. It's a physics-powered Sandbox shooting game that lets players create and manage arenas, and compete against other players with NFTs.
Let us move ahead to read about SandBox technical analysis.
Past Performance of SAND
The SAND coin price shows an uptrend in action with a 60% growth in the past two weeks within a rising chanel in the daily chart. Currently, the price rests near the resistance trendline of the parallel channel projecting the possibility of a reversal. However, the lower price rejection near the 50-day EMA showcases the possibility of a bullish breakout of the channel.
SAND Technical Analysis
The SAND coin price sustains above the $4.5 mark with a lower price rejection present in the recent daily candles. Hence, traders can expect a breakout entry as the uptrend challenges the resistance trendline.
The crucial Exponential Moving Averages (50, 100, and 200) maintain a bullish alignment as the 50-day EMA provides dynamic support to the rising price.
The DMI indicator shows a continuation of the bullish trend as the DI lines sustain an ascending alignment. However, the ADX line shows a falling trend momentum and threatens the possibility of reversal.
The RSI indicator shows a reversal in the slope in-between the nearly overbought zone. However, the slope sustains above the 14-day SMA which shows a positive growth above the 50% mark.
In a nutshell, the technical indicators project a solid uptrend in action that may shortly showcase a reversal within the rising channel.
Upcoming Trend
The SAND coin price may shortly outgrow the rising channel present in the daily chart. However, the sellers at the resistance trendline challenge the uptrend and keep the possibility of reversal alive.
Hence, the upcoming trend depends upon the trend on the price action near the resistance trendline.