Sandbox (SAND) Should Overcome This Hurdle to Shift Trend to Bullish
The last day saw Bitcoin fighting hard to steady beyond the $19.8K level. Meanwhile, bullish efforts bored fruits as recent hours saw Bitcoin surging beyond the $21K value area. The immediate resistance stands at $23.3K. Meanwhile, Bitcoin’s extended upticks would mean short-term surges in the alt market.
Sandbox is among the alternative tokens riding improved waves today. SAND showed some momentum (in recent hours), with the price surging above the $0.89 level. The metaverse token has a challenging resistance zone at $0.97.
Sandbox 1Hr Timeframe
Analysts plotted Fibonacci retracement areas based on Sandbox’s price action from the $1.4 mark to $0.73 within the previous two weeks. The FIB levels placed 23.6% and 38.2% retracements around $0.89 & $0.98, respectively.
These levels represent massive resistance to the altcoin. While publishing this content, SAND has overcome the $0.89 hurdle. Meanwhile, $0.97 represents Sandbox’s local peak. It signified a lower high on SAND charts during the latest downtrend. Moreover, the market structure remained bearish at this publication.
Though the altcoin conquered the $0.89 obstacle, it should surpass the resistance at $0.97 for a near-term bullish trend. Furthermore, the value area at $0.96 – $1 offered a massive hurdle within the previous week. Thus, enthusiasts can expect rejections.
Reasoning
Momentum indicators flashed bullish on the 1hr chart. The Relative Strength Index stayed beyond the 50-neutral and protected this mark as support. That showed buyers’ preference. Also, the Awesome Oscillator stayed beyond the zero level, displaying an upside impetus.
Nevertheless, A/D remained worrisome for SAND buyers. The indicator has maintained southward moves in recent days. Though prices surged, the A/D was yet to observe an uptick. That’s because buying volume remained low. Therefore, SAND’s move to $0.97 might encounter rejection, translating to a downward leg in the upcoming days.
Final Thought
Though Sandbox’s shorter timeframe indicators flashed bullish strength, the altcoin saw a faded market within the past days. Increased demand should arrive before SAND presents a decisive upside. Meanwhile, $1 represents a psychological resistance for the asset. Flipping this level would mean sustained upsurges. Else, investors should prepare for reversals into $0.8 – $0.75.
Editorial credit: AndriiKoval / shutterstock.com
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