Sandbox price bound for another 30% gains as SAND finds support
|- Sandbox price needs to stabilize around the trading range’s midpoint at $4.20 before a new uptrend.
- A bounce off this barrier is likely to propel SAND by 30% to $5.41.
- A four-hour candlestick close below the range low at $3.49 will invalidate the bullish thesis.
Sandbox price action is seeing a lot of chop after hitting a high on February 9. The recent sideways price action has formed a consolidation and the next move is likely to be a minor retracement before any meaningful bias appears.
Sandbox price needs to reestablish momentum
Sandbox price exploded by 41% in the last five days, rallying from $3.49 to $4.93. This ascent seems to have hit a ceiling on February 7 and the altcoin has been moving sideways ever since. As SAND continues to consolidate, a retrace needs to emerge, allowing investors to purchase the token at a discounted price.
The immediate support level at $4.20 – or the trading range’s midpoint – is the perfect place for the retracement to halt. A resurgence of buyers around this level seems plausible. In some cases, Sandbox price could slide lower and retest the 62% retracement level at $4.02 or the next foothold at $3.91 before making a U-turn.
Regardless of the level, what’s critical is that an increase in bullish momentum leading to a reversal should be the outcome. The resulting uptrend will push Sandbox price to slice through to the range high at $4.93 and collect the liquidity resting above $5.25.
The most likely place for a local top to form is around the $5.41 hurdle, bringing the total climb to 30%. Interested individuals can open a long position at $4.19 or $3.91 and book profits around $4.93, $5.25 and $5.41.
SAND/USDT 4-hour chart
While a retracement is needed for Sandbox price to continue the uptrend, a breakdown of the 79% retracement level will trigger fear among sidelined buyers reducing the likelihood of them kick-starting a new uptrend. A four-hour candlestick close below $3.49 will create a lower low and completely invalidate the bullish thesis for SAND.
In such a scenario, Sandbox price could tag the $3.31 support level, where buyers may eventually give the uptrend another ago.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.