On January 17th, the Sandbox coin price gave a massive breakout from the long coming resistance trendline of the parallel channel pattern. In theory, a bullish breakout from this pattern indicates a recuperation of bullish momentum and a sign of a bullish recovery rally. In response to this pattern, these prices are currently trying to breach the $0.8 resistance. Should you enter now?
- A bullish breakout from $0.8 sets the SAND price for a New term target of 25%.
- The reclaimed EMAs(20, 50, and 100) could support the coin price in case of possible pullback
- The intraday trading volume in SAND price is $525 Million, indicating a 226% gain.
Earlier this week, amid a minor consolidation in the crypto market, the SAND price managed to retest the breached trendline as valid support. During the retest phase, the SAND price held about the trendline, indicating that the prices could sustain higher levels.
The post-correction rally has appreciated the Sandbox price by 17.6% in the last three days, currently trading at the $0.81 mark. Furthermore, with the increasing volume activity, the buyers attempt to breach the following resistance of $0.8.
Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023
If the daily candle closes about the $0.8 resistance, the buyers will gain a suitable launchpad to fuel further price rallies. The post-breakout rally could surge the prices 25% higher to challenge the $1 mark.
However, as per the technical setup, a breakout from the parallel channel pattern would lead a price rally to the highest swing top, which for Sandcoin price is $1.5.
However, if this altcoin is struggling to sustain about the $0.8 barrier, the price action could run sideways for a few trading sessions.
daily RSI slope moving in the overbought region indicates excessive buying in the short term. Therefore a correction phase is needed to stabilize the prices for the next recovery cycle.
the 20 and 100-day EMA nearing a bullish crossover could attract more buying orders in the market.
Sandbox Coin Price Intraday Levels
- Spot price: $0.8
- Trend: Bullish
- Volatility: Medium
- Resistance level- $0.8 and $1
- Support level- $0.645 and $0.53.
