The recent correction sentiment in the crypto market discounted the Sandbox(SAND) price by 28% and plunged to last quarter’s bottom support at $2.65. However, today the coin price witnessed a significant inflow responding to the recent report that the platform seeks to raise about $400 million, with their target valuation of $4 Billion. Moreover, the Sandbox has freshly announced its partnership with Apex Athletes and flickplayapp.
Key points:
- SAND price bounce back from $2.65 support with a morning star candle
- The SAND chart reflects a double bottom pattern
- The intraday trading volume in SAND price is $524.5 Million, indicating a 70% gain.
Source- Tradingview
Last quarter the Sandbox(SAND) price experienced a roller coaster ride which retested the $2.65 support level several times. Therefore, the number of bounces back from this support indicates the buyers are aggressively defending this accumulation zone.
The recent V-top rejection from the $3.65 resistance plummeted the SAND price to $2.65 support, undermining the march recovery rally. However, the technical support aligned with fundamental news triggered a strong rebound from this bottom support.
Moreover, the SAND chart shows a double bottom pattern with a neckline at $3 resistance. The coin price currently trades at the 2.94 mark, with an 11% pump from the $2.65 mark.
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A 70% pump in trading volume reflects buyers’ commitment to the bullish recovery. If the SAND price gives a breakout and daily-candlestick closing above the $3 mark, the triggered chart pattern will surge the coin 12.5% high to $3.36, followed by $3.36.
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Technical analysis
The MACD indicator presented the fast and slow lines are on the verge of bullish crossover. This buy signal may bolster a bullish breakout from the $3 neckline.
However, the EMAs slopes are in favor of sellers, presenting a death crossover among the 50-and-200-day EMA. Moreover, the 20-day EMA aligned with $3 resistance mounts an extra defense line.
- Resistance levels- $3, $3.37
- Support levels- $2.65 and $2.28
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