Sandbox makes a bullish uptick and is set to recover incurred losses

The Sandbox sees bulls preparing for a breakout trade above the monthly pivot.
SAND price pops above the red descending trend line and looks ready to mount a recovery backup to $8.0.
Expect further bullishness if SAND price closes above the monthly pivot at $5.70.

The Sandbox (SAND) is making a recovery following the violent correction last week. Since touching down on support at $4.0 on December 4, bulls have slowly but surely been repurchasing a stake in the cryptocurrency and look to break the downtrend anytime soon. A daily close above the monthly pivot would attract more investors and speed up the recovery back towards $8.0, from which new all-time highs are just 10% away.

The Sandbox falls back into the lap of bulls as positive signs emerge

The Sandbox gave way to the bears last week as pressure to the downside started to outweigh buying volume. The Relative Strength Index was trading too far in the overbought zone too, limiting further upside gains for investors joining the party too late. The absence of new bulls triggered a profit-taking frenzy that saw an acceleration over the weekend as a result of the Bitcoin falling knife spillover effect.

As SAND saw bulls returning to the scene, buying continued during the recovery this past week. Bulls keep buying alongside the green ascending trend line and are now breaking out of a pennant pattern, trying to take control of the monthly pivot at $5.70. A close above would encourage hesitant investors to start buying in as it would prove that this rally is strong and viable.

SAND/USD daily chart

With the close above the monthly pivot, a very bullish candle could form tomorrow, possibly stretching towards $8.0. Expect some profit-taking at that level, and depending on the strength and impact of tailwinds, a possible new all-time high to form. If any economic data turns markets risk-off, expect investors to cut their positions in SAND resulting in a quick break of the green ascending trend line, and a nosedive back towards $4.0.

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram