SAND prices take a bullish turnaround as the bulls resurface to take a breather. Will this recovery rally sustain above $1?
Key technical points:
- SAND market price has increased by 7.21% over the past 24 hours.
- The price action shows a retest of $1.
- The 24-hour trading volume of Sandbox is $433 Million, indicating a hike of 40%.
Past Performance of SAND
The SAND price history shows a bearish phase over the past few months due to the increased liquidation as Bitcoin reached the $20K support. The downfall brought the Sandbox prices under the $1 mark but took a bullish turnaround from $0.80 this week, accounting for a 28% jump. The reversal retests the $1 fallout and shows long wick formations in the daily candles warning of a potential bearish continuation. Source- Tradingview
SAND Technical Analysis
In the SAND/USD technical chart, the reversal rally shows high volume support representing an increasing interest among traders. Hence, a high volatile move can be expected shortly. MACD indicator: The bullish reversal undermines the bearish crossover as the fast and signal regain the positive alignment and head to the zero line. Hence, the indicator projects a high possibility of a bullish trend. RSI Indicator: The RSI slope takes a sharp bullish turnaround from the oversold zone after a divergence breakout to surpass the 14-day SMA. Moreover, the RSI may shortly surpass the halfway line signaling a buying spot. Bollinger Bands: The bullish reversal reverses the trend in the Bollinger bands as the upper and lower bands take a lateral shift from the downtrend. Furthermore, the reversal rally reaches the midline and prepares to reach the upper band to signal a high-momentum uptrend. In a nutshell, the SAND technical analysis forecasts a bullish trend continuation.
SAND prices show a V-shaped reversal rally ready to surpass the $1 mark, which may drive the prices higher to $1.45. Resistance Levels: $1 and $1.45 Support Levels: $0.80 and $0.68