By Shelly Melancon (Switzerland)
- Sandbox bulls seem to prepare a breakout past the monthly pivot.
- SAND saw its price popping beyond the red descending trend-line and appears ready to recover to $8.
- Increased bullishness will emerge if SAND closes beyond the $5.70 monthly pivot.
Sandbox (SAND) appears to recover from last week’s violent retracement. Meanwhile, bulls continue to repurchase the token since it touched the downward support at $4.0 on 4 December. For now, the metaverse crypto seems ready to break its downtrends soon. A daily close beyond the monthly pivot level would attract investors, speeding up the recovery to a level at $8.0. Furthermore, this level means SAND is 10% away from its ATHs.
Sandbox on Bulls’ Hands as Positive Signals Emerge
Sandbox price surrendered to bears over the past week as the downward pressure outweighed buying volume. The RSI hovered far within the overbought region. That way, late investors have limited upward gains. Meanwhile, new bulls’ absence catalyzed profit-booking that accelerated during the weekend amid BTC’s plummeting spillover effect.
Also read:Though SAND witnessed bulls stepping up, buying extended to the past week’s price recovery. Bulls kept purchasing with the green climbing trend-line, breaking out of the pennant pattern at the moment, attempting to overtake the $5.70 monthly pivot. Meanwhile, a close beyond this level would attract hesitant investors to purchase as Sandbox would prove a massive/viable rally.
A close beyond the monthly pivot can result in a bullish candlestick during tomorrow’s sessions. With that, SAND can touch $8. Profit-booking can happen at this zone, depending on tailwinds’ impact and strength. That can mean another ATH. If any financial data switches markets risk-off, market players can cut their SAND positions, translating to a sharp ascending trend-line beak before a nosedive to $4.0.
While Sandbox (SAND) prepares upswings towards its ATHs, Bitcoin still struggles. The dominant crypto has maintained around the $50,000 level for some time. However, BTC lacked steam for upward movements and plummeted to levels beneath the $50K psychological zone. While writing this article, Bitcoin trades at $48,720 with a bearish outlook.
Feel free to share your view about the metaverse token and its price actions.
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