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Vikram
Mar 17, 2022
by Vikram

SAND Technical Analysis: Trendline Breakout Eyes at $3.66 Mark

SAND
SAND coin price experiences a boom in buying pressure resulting in the trendline breakout. Will the breakout rally sustain to reverse the trend?

Key technical points:

  • SAND coin price surpasses the $3 mark.

  • In addition, the price outperforms the 200-day EMA.

  • The 24-hour trading volume of SandBox is $1.88 Billion, marking a 260% rise. 

    • Past Performance of SAND

    SAND coin price shows a bullish breakout of the long-coming resistance trendline and the psychological carrier of $3 with an overnight spike of 20%. Furthermoreoutperforms the 200-day EMA line and touches the 50-day EMA. However, the meta coin retraces to retest the bullish retest with a higher price rejection evident near the 50-day EMA. 

    TradingView Chart

    SAND Technical Analysis 

    SAND coin price jumps with the news of SandBox’s partnership with the HSBC Bank as the bank will buy virtual land in the metaverse and aims to design it to draw and engage sports, e-sports, and gaming fans. Furthermore, the metaverse platform has announced its partnership with the ALTAVA Groups to boost indulging fashion and lifestyle. The ALTAVA schemes to release its Non-Fungible Tokens in their own land in SandBox.

    SandBox surpasses the 200-day EMA while the 50-day EMA provides resistance to bullish growth. Moreover, the 50-day EMA trends below the 100-day EMA after the bearish crossover. 

    RSI Indicator: The RSI slope gets closure on the sideways trend and the 14-day SMA in the nearly oversold zone with the spike above the 50% line.

    MACD Indicator: The MACD and signal lines finally gain bullish spread with the bullish resurfacing histograms reflecting growth in the buying pressure. Hence, the indicator projects the possibility of a price jump to $3.50.

    In a nutshell, the SAND technical analysis paints an extensively bullish image with the $3 breakout.

    Upcoming Trend 

    SAND coin price shows an active buyers engagement as the uptrend reflects bullish commitment with a boom in trading volume. Hence, the upcoming rally aims to reach the $3.66 mark with a successful retest of the trendline breakout.

    However, the failed retest might suck the trend back within the long-coming downtrend and fall to the $2.80 mark.

    Support Levels: $3 and $2.80

    Resistance Levels: $3.40 and $3.65

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    sandbox SAND
    SAND Technical Analysis: Trendline Breakout Eyes at $3.66 Mark
    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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