SAND Price Aims $3.6 Mark with Double Bottom Breakout
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The recent correction sentiment in the crypto market discounted the Sandbox(SAND) price by 28% and plunged to last quarter’s bottom support at $2.65. However, today the coin price witnessed a significant inflow responding to the recent report that the platform seeks to raise about $400 million, with their target valuation of $4 Billion. Moreover, the Sandbox has freshly announced its partnership with Apex Athletes and flickplayapp.
Key points:
- SAND price bounce back from $2.65 support with a morning star candle
- The SAND chart reflects a double bottom pattern
- The intraday trading volume in SAND price is $524.5 Million, indicating a 70% gain.
Source- Tradingview
Last quarter the Sandbox(SAND) price experienced a roller coaster ride which retested the $2.65 support level several times. Therefore, the number of bounces back from this support indicates the buyers are aggressively defending this accumulation zone.
The recent V-top rejection from the $3.65 resistance plummeted the SAND price to $2.65 support, undermining the march recovery rally. However, the technical support aligned with fundamental news triggered a strong rebound from this bottom support.
Moreover, the SAND chart shows a double bottom pattern with a neckline at $3 resistance. The coin price currently trades at the 2.94 mark, with an 11% pump from the $2.65 mark.
A 70% pump in trading volume reflects buyers’ commitment to the bullish recovery. If the SAND price gives a breakout and daily-candlestick closing above the $3 mark, the triggered chart pattern will surge the coin 12.5% high to $3.36, followed by $3.36.
Technical analysis
The MACD indicator presented the fast and slow lines are on the verge of bullish crossover. This buy signal may bolster a bullish breakout from the $3 neckline.
However, the EMAs slopes are in favor of sellers, presenting a death crossover among the 50-and-200-day EMA. Moreover, the 20-day EMA aligned with $3 resistance mounts an extra defense line.
- Resistance levels- $3, $3.37
- Support levels- $2.65 and $2.28
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
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