The Sandbox price Analysis: After a roller-coaster ride, lean in favor of the SAND token bulls
- The sandbox coin is seeing minor gains above an important support level – $2.6 on the hourly price chart.
- The price action of the SAND token has been forming a descending triangle pattern since early 2022.
- The sand coin posted a drop of over 27% in trading volume last night.
Sandbox price is looking sideways in a bullish zone on the hourly chart. Looking at the daily graph, Sand has been suffering from a selling squeeze since its peak ($8.48-point) inside a downsloping trendline. Although traders saw a manifold increase to break the bullish barrier in 2022, each attempt turned into a great opportunity for short-sellers.
With the Sandbox token lacking, price action drew a descending triangle (yellow), where the sloping line has a strong selling point and the 2022 lows formed a wall of defence by bulls. However, gradually the range of the following pattern is narrowing and traders may see a breakout or a breakdown in this month.
With the presence below the Red cloud of Ichimoku indicator on a daily price chart, the Sandbox is trading at $2.86 Mark at the time of writing. However, according to CMC, the token is up 2% in the green zone in the last 24 hours. Moreover, the SAND/BTC pair is up by 1.2% in value to 0.00007075 Satoshis.
Since the ATH mark, the liquidations are gradually decreasing and have reached $222 million. Similarly, the sandbox coin saw a 27% drop in volume last night.
The current level looks noticeable
Recently the RSI indicator reversed from the 35-level to the semi-line (50 mark) which ticks the bullish trendline (Yellow). The 50 mark may act as a barrier during the rise and the following trendline may be valid for this month.
Thus, the MACD indicator returned below the neutral zone (into the negative zone) after a bearish crossover on April 5, which suggests the strength of the bears.
Bulls need to keep the sandbox coin above the critical support level and propel the price higher. Otherwise, if the bears break the 2022 lows, buyers could see a catastrophic decline.
Resistance level- $3.5 and $5.0
Support level- $2.6 and $2.0
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.