- SAND broke the key resistance at $0.628, forming a golden cross and signaling potential upside.
- The Long/Short Ratio pointed to strong investor confidence and continued bullish sentiment.
As a seasoned crypto investor with over a decade of experience in this rollercoaster market, I have learned to read between the lines and spot trends that may not always be immediately apparent. In the case of The Sandbox (SAND), recent developments are certainly intriguing.
Lately, there’s been an increase in optimistic feelings towards The Sandbox (SAND), leading some to wonder if this positive trend might continue.
At the moment, I’m observing a trading price of $0.671 for SAND. In the last 24 hours, it has experienced a noteworthy increase of 3.89%. As this token encounters significant resistance levels, various technical and on-chain signals offer insights into its possible further expansion.
Key resistance and golden cross–breakout potential?
Currently, SAND is once again testing a crucial resistance level at around $0.628. This significant price point has historically halted its upward momentum in the past.
Yet, as the price surges to $0.671, SAND has managed to break past this point, indicating a robust upward trend. If it maintains its position above this mark, the token might continue to increase in value.
Forming a ‘golden cross’ – where the temporary moving average goes above the permanent one – strengthens the positive perspective, suggesting potential price increase.
From my perspective as a crypto investor, historically, this pattern suggests that the uptrend will persist, provided the buying pressure stays robust.
Are investors confident?
The data from the blockchain adds weight to the rising optimism about SAND, as a 0.89% rise in network expansion suggests more users are active, potentially driving up demand.
To add to that, nearly 10% of all transactions were considered “profitable” at the moment, indicating that many owners were making money from their holdings. This typically results in increased demand, as those who are profiting are less inclined to sell.
15.78% increase in major trades suggests that big investors or ‘whales’ are amassing SAND, implying robust market faith and confidence.
However, the concentration is slightly down by 0.52%, suggesting that a small number of addresses hold a large portion of SAND’s supply.
Such a move might lead to market instability should these significant investors opt to offload their assets. However, the broader picture of on-chain indicators continues to show optimism.
SAND’s exchange reserve – What does it reveal?
SAND’s exchange reserves have decreased by -0.11% over the last 24 hours to 579.5M.
A decrease in exchange reserves usually means that there are less tokens being traded on exchanges, implying that investors anticipate a price increase and are keeping their investments.
This reduction in available supply could help sustain upward momentum if demand continues to grow.
SAND’s Long/Short Ratio – Bullish or neutral?
SAND’s Long/Short Ratio was 52.25% long and 47.75% short at press time.
As an analyst, I observed a moderately balanced market, yet the slightly elevated long-to-short position ratio of 1.0942 hinted at a prevailing bias towards long positions. This implies that a higher number of traders are wagering on an upward trend, indicating a predominantly optimistic outlook among market participants.
Realistic or not, here’s SAND market cap in BTC’s terms
Is The Sandbox poised for a breakout?
Based on its latest breakthrough past crucial barriers, the “golden cross” pattern emerging, and robust indications from its blockchain activity, SAND appears to have significant room for more growth.
In simpler terms, the balance between buying (Long) and selling (Short) is slightly favoring an increase (bullish), which aligns with the belief that if SAND stays above $0.671, it might experience additional price increases in the coming days.
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2024-12-01 13:12