- The SAND price might witness a steady bullish run as the altcoin creates a triple bottom pattern.
- A surge in buying momentum might propel Sandbox by 57%, tagging the psychological mark at $5.
- However, a 24hr candle close under the support of $2.69 will violate the bullish narrative.
Sandbox price formed a bottom reversal setup on its daily chart, suggesting a bullish picture for the metaverse token. Moreover, the recent retracement steadied near a dependable support floor, indicating an imminent bounce.
SAND to Launch New Upsurge
The SAND price printed a demand territory, stretching between $2.69 and $3.0 on 15 November 2021. That offered bulls a pit stop before triggering Sandbox to new peaks of $8.48. This value remained vital as SAND’s retracement area.
So far, the alternative coin has tested the mentioned demand territory three times, forming a triple bottom pattern. The technical formation shows the asset’s downtrend neared an end. That means Sandbox awaits upward actions soon.
Sandbox has witnessed consolidations for nearly one week, supporting the highlighted outlook. The downswings suggest an imminent upside move. A decisive action past the $3.31 obstacle will authorize a breakout and show bulls targeting the weekly resistance floor around $4.71.
Though SAND might print a local high at this zine, an extended rally might see the crypto challenging the psychological zone at $5. That additional surge would mean a 58% increase from Sandbox’s current price – $3.18.
Meanwhile, SAND failing to climb past $3.31 will confirm buyers’ weakness. Such a case would see the alt revisiting the closest support area at $2.69. A 24-hour candle close under the foothold of $2.9 will form a lower, canceling SAND’s bullish thesis. Such a development might see the currency falling towards $1.80, suggesting a bear market.
For now, SAND rides bullish waves, contemplating further increases. However, beware of the involved risks before buying the tokens. Investors cannot control the macro-financial environment. Indeed risks assets see rallies today.
However, the roller-coaster actions by the market within recent months may not be over. However, long-term investors can consider SAND as Metaverse seems to dominate the future.
What are your views about the ongoing crypto market trends? You can comment below.
Editorial credit: Dennis Diatel / shutterstock.com