SAND Technical Analysis: Will The $1 Retest Regain Bullish Speed?
Table of contents
Key technical points:
Past Performance of SAND
SAND price action shows the bullish breakout of the rounding bottom pattern with a 62% jump between June 18th to 25th to reach $1.28. However, the retest phase of the rounding bottom pulls the prices back to the $1 mark. However, the falling trend in the trading volume during the retest phase increases the likelihood of a bullish reversal.
Source- Tradingview
SAND Technical Analysis
The consecutive Doji formation near the $1 mark hints at a post-retest reversal in the SAND prices. Hence, traders with a long-term perspective can find the retest phase as an excellent entry spot. The DMI indicator displays the DI lines trying to sustain a positive alignment after the recent crossover. It is evident by the lines turning sideways turn, resulting in a dramatic decline in the bullish spread.
The RSI indicator indicates a fall in the bullish sentiment as the slope retests the halfway line. However, the rising trend in the 14-day SMA reflects long-term growth in the underlying bullishness. The MACD indicator displays a positive trend in the fast and slow lines but the decrease in the bullish spread questions the uptrend continuation. In addition, the intensity of the MACD histograms weakens abruptly, warning of a downfall under $1. Hence, the technical indicators go slightly against the SAND price action analysis.
Upcoming Trend
If the increasing demand for the SAND token drives the prices above $1.28, the uptrend will hit the $1.45 ceiling and attempt a bullish breakout. However, the downfall of the $1 support level will result in a price drop to the $0.68 mark.
Resistance Levels: $1.28 and $1.45
Support Levels: $1.00 and $0.68
