Sandbox price positioned perfectly for a 30% gain
- Sandbox price has bounced off a launching pad, signaling the start of an uptrend.
- Investors can expect SAND to rally 30% to $5.25 and collect liquidity resting above it.
- A four-hour candlestick close below $3.49 will invalidate the bullish thesis.
Sandbox price has bounced off two crucial support levels, suggesting a reversal is around the corner. The run-up that evolves from this barrier will likely propel SAND to slice through immediate hurdles and collect liquidity.
Sandbox price prepares for liftoff
Sandbox price created a range that extends from $3.49 to $4.88 as it rallied 40% between February 4 and 9. Since creating a local top, SAND has retraced to the high probability reversal zone, the 70.5% retracement level at $3.90.
This area is a sweet spot that often reverses the retracement and pushes the asset back to the range high or beyond it. As Sandbox price retests the 62% retracement level, investors can position themselves long at the current price – $4.08.
Market participants can expect a 19% ascent to retest the range high at $4.88, the first hurdle. Crossing this blockade will open the path for Sandbox price to $5.24 to collect the liquidity resting above it. Investors can book profits at the levels mentioned above.
SAND/USDT 4-hour chart
In case the bullish momentum falls short, Sandbox price can rely on the sidelined buyers to come in at the 79% retracement level at $3.78. Here, buyers can attempt another run-up.
Only if Sandbox price produces a four-hour candlestick close below the range low at $3.49, it will create a lower low and invalidate the bullish thesis. In this situation, SAND could revisit the $3.31 support level.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
