- SAND shows strong momentum following a falling wedge breakout, with resistance at $0.35.
- Onchain metrics bolster the bullish case, while reduced exchange reserves limit selling pressure.
As a seasoned crypto investor with over a decade of experience under my belt, I find myself quite intrigued by The Sandbox (SAND) at this juncture. Having weathered multiple market cycles, I’ve learned to appreciate a good setup when I see one, and SAND appears to be presenting just that.
The digital currency known as The Sandbox (SAND) appears to be picking up speed following its escape from a descending wedge formation, which often indicates a possible bullish turnaround. At the moment, it’s hovering around $0.27. Interestingly, SAND is maintaining its position above the 50-day moving average, implying that an additional surge might be on the horizon.
Technical analysis: Can SAND break past $0.35?
As an analyst, I’ve noticed that Sandbox has successfully emerged from a falling wedge pattern. Now, we’re facing a significant resistance point at $0.35. If we manage to surpass this level, it could pave the way for a more ambitious goal of reaching $0.50. This potential uptrend represents a substantial upside opportunity.
In simpler terms, the Stochastic Relative Strength Index (RSI) suggests a positive outlook since it’s close to overbought levels, implying that the market is heavily bought, yet the buying enthusiasm persists.
In other words, the MACD graph indicates a positive trend, suggesting that prices might rise more if the buying force persists.
If SAND continues to stay above its 50-day moving average, it will strengthen the optimistic perspective, potentially triggering an upward trend towards approximately $0.50.
If the resistance at $0.35 isn’t overcome, there might be a minor pullback, and the price may find support near $0.27 instead.
Bullish onchain signals strengthen Sandbox’s outlook
The on-chain data conforms to the technical structure, exhibiting optimistic indicators all around. Moreover, there’s a 0.30% increase in network growth, suggesting a growing interest and participation within the community.
58% of Sandbox owners currently have profitable stakes, a fact that may contribute to a sense of optimism among the community.
A significant boost of 5.31% in large transactions, along with a healthy level of concentration, indicates growing involvement from major players and institutional investors.
One more positive indicator is the drop in SAND’s exchange reserves, which has reduced by approximately 0.94% within the last day.
This decrease suggests that there are fewer SAND coins available on trading platforms, possibly lessening the urge to sell and facilitating a more seamless price increase if the buying interest stays consistent.
Realistic or not, here’s SAND market cap in BTC’s terms
SAND’s path toward $0.50 looks promising
The Sandbox appears poised for an upward trend, with its technical markers and on-chain statistics pointing in a positive direction. If the $0.35 level is breached successfully, it could pave the way to our predicted goal of $0.50.
Considering the present optimistic outlook and data, it seems reasonable that SAND could achieve its goal if the purchasing energy remains strong.
Read More
- GBP EUR PREDICTION
- HBAR PREDICTION. HBAR cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
- CNY RUB PREDICTION
- TRB PREDICTION. TRB cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- HOOK PREDICTION. HOOK cryptocurrency
- BCH PREDICTION. BCH cryptocurrency
- INJ PREDICTION. INJ cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
2024-11-15 18:16