Cryptocurrency

Could SAND climb to $4.4 and beyond with its recent momentum

Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought of funding recommendation

The Sandbox dropped to $2.55 in January, when there was intense promoting stress available in the market and the sentiment was extraordinarily fearful. One other wave of promoting was seen in mid-February, however The Sandbox was not as badly affected by this promoting stress. The truth is, the token has held up higher than anticipated since January. Furthermore, a few weeks in the past the blockchain gaming agency mentioned that they’d a partnership with HSBC which might see the financial institution purchase a plot of LAND in  The Sandbox metaverse. Was the time ripe for a bullish run?

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SAND- 1D

Supply: SAND/USDT on TradingView

In purple is represented the downtrend the token has been on since mid-November, dropping from $8.48 to $2.55 in January. Primarily based on this transfer, a set of Fibonacci retracement ranges was plotted (yellow).

As talked about already, within the months following January, the value has not breached these lows however has fashioned increased lows, which pointed towards the presence of consumers in and simply above the $2.56 space.

On the again of this demand, SAND has rallied round 40% from $2.68 to $3.7. Additional north, the $4-$4.4 space might be an space to take revenue at, as sellers are anticipated to be sturdy right here.

Rationale

Here is why The Sandbox could climb to $4.4 and beyond

Supply: SAND/USDT on TradingView

The RSI on the every day chart climbed above impartial 50 to stand at 62, which was indicative of sturdy bullish momentum. Alongside, the Chaikin Cash Circulate confirmed a worth of 0.14 at press time whereas the CVD was additionally within the inexperienced over the previous two weeks.

Collectively, it confirmed that there was good shopping for stress behind SAND’s rally. The DMI additionally confirmed {that a} sturdy bullish pattern was in progress. The 21 and 55-period SMAs (orange and inexperienced respectively) have been beneath the value, which confirmed that the recent bullishness has been comparatively fast.

Conclusion

The truth that $2.55 has not been breached since January, mixed with SAND’s recent rise above $3.44, meant that the market construction was in favor of the bulls. The momentum was in favor of the bulls as properly. And, there was proof of regular demand. To the north, the $4-$4.4 space posed sturdy resistance. A transfer previous the $4.44 resistance degree would probably see SAND climb to $6.2-$7.2.

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