• Despite Saturday's flash-crash, sandbox price has yet to initiate a standard corrective move.
  • Oscillator values and positions warn of continued selling pressure.
  • A standard 50% retracement off of a parabolic rise is expected.

Sandbox price will likely follow the rest of the metaverse bubble with a more profound and violent collapse soon. A strong bounce off of crucial support may trap buyers, accelerating any selling pressure this week.

Sandbox price is in a sell-the-rally mode as a 30% drop from the weekly open is likely

Sandbox price action over the weekend was the definition of what whipsaw trading behavior looks like. Last Saturday's open was $6.01 and moved as low as $4.12 during the flash crash. An insane recovery ensued, with SAND closing positive on the day at $6.07 – one of the only cryptocurrencies to do so.

However, that didn't stop the selling pressure from continuing. Sandbox price closed lower by 11% on Sunday and has traded as low as 12% today. Unfortunately for bulls, there is zero support on the daily chart within the Ichimoku system. Near-term support doesn't appear until the weekly Tenkan-Sen at $4.57 and the Kijun-Sen at $4.33.

However, the weekly Ichimoku support levels may not hold as the oscillators remain at extremes. The Relative Strength Index is just turning south after trading above the second overbought level of 90. A likely trendline break with the Relative Strength Index points to more downside pressure.

SAND/USDT Weekly Ichimoku Chart

The Composite Index is the most vital oscillator to watch. If the Composite Index crosses below its moving averages and the trendline, a swift collapse in Sandbox price is likely to occur. The projected support structure is the 50% Fibonacci retracement at $3.00.

If there is a daily or weekly close above the current week's open, that will invalidate any near-term bearish outlook.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP