fxs_header_sponsor_anchor

Sandbox sellers take control and push SAND towards $3

  • Sandbox price faced significant selling pressure during the Friday trade session.
  • SAND broke below critical Ichimoku support zones, threatening a deeper move south.
  • A return to the $3 level is highly probable unless bulls step in and support price.

Sandbox price action is noticeably bearish, especially after Thursday’s route across all global risk-on markets. SAND has been hit particularly hard due to some crucial support zones breaking and giving bulls a significant warning signal that they are likely to lose control of this market.

Sandbox price positioned for a 20% drop as bear eye shifting control to sellers

Sandbox price action looked very bullish near the beginning of the trading week. It returned above the mid-point of the linear regression channel at $4.20 and the Tenkan-Sen at $4.38. Bulls were even more hopeful that a bullish continuation would occur because the mid-line of the linear regression channel was tested and held as support on Wednesday. However, that all changed on Thursday.

Sellers hammered Sandbox price lower by nearly 12%, pushing SAND below the 38.2% Fibonacci retracement at $3.83, but they couldn’t push beyond the Kijun-Sen at $3.75. As a result, SAND opened the Friday candlestick below the Kijun-Sen, adding more bearish weight to an already weak setup.

Failure by the bulls to keep SAND above the Kijnu-Sen would signal a likely move test the bottom of the linear regression channel at $3.35. Below that, the 50% Fibonacci retracement at $3 is the final primary support zone before a capitulation move would occur.

SAND/USDT Daily Ichimoku Kinko Hyo Chart

If bulls wish to stave off any further selling pressure, then at a minimum, they must push Sandbox price to a close above the bottom of the Cloud (Senkou Span A) and the mid-line of the bull flag at or above $4.15. Upside potential will likely be limited to the top of the bull flag and Ichimoku Cloud (Senkou Span B) at $4.75.

 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.