- 1 Sandbox Price prediction suggests a rise in the long term if certain conditions are met.
- 2 SAND price is trading below the 200 day EMA and is struggling to hold a 50 day EMA.
- 3 Sandbox price defended $0.5000 level and recovered about 25%.
Sandbox price prediction suggests SAND crypto has potential to show upward momentum in the coming months. Sandbox price defended the important support level of $0.5000 and recovered about 25% from the recent low swing.
SAND price performed well in the past few months but it remains below 200 day EMA, showing the positional trend is in downward direction. However, the buyers are trying to sustain the price above the 50 day EMA, which is the indication of the short term bullish trend reversal.
Sandbox price is trading at $0.6455 with an intraday decline of -1.84% and 24 hour volume to market cap ratio is 0.1536. The SAND/BTC pair is trading at 0.00002299 with an intraday decline of -1.58% showing minor correlation between the direction of both the pairs.
In the beginning of March, SAND price dropped below its previous consolidation zone due to selloff in the global markets. However, the selloff was temporary and SAND crypto price halted the fall near $0.5000. Later, it formed a bullish hammer candle pattern near the demand zone and showed decent recovery from the lower levels.
Is Sandbox Price Forming a Long Term Base?
Sandbox price had tried to push the price above the 50 day EMA to bring back the investors’ confidence. However, SAND price lacked momentum and entered the narrow range of consolidation. It can be interpreted as the signs of the long term base formation. However, the confirmation will come when prices give the follow up momentum and begin to expand in an upward direction.
Technical analysis suggests, Sandbox price is in short term uptrend and buyers seem to be more active than the sellers. Therefore, the downside seems to be limited.
SAND Price: Technical Outlook
SAND price gained about 4.79% on a weekly basis and tried to break out of the previous week high. However, the up move will be doubtful until the price sustains above $0.7000. Technical indicators like MACD had generated a positive crossover and histogram bar on the rise indicates mild bullishness. The RSI at 51 denotes neutral territory and the balance between bullish and bearish positions.
Conclusion
Sandbox price prediction favors the bulls and suggests a rise in the long term. However, the SAND price will gain momentum when buyers successfully break the $0.8000 hurdle level. Technical analysis suggests, short term trend is in an upward direction and the probability of the forward range expansion is high. If the bulls manage to climb above 200 day EMA, then it may reach $1.00 by mid-2023.
Technical levels
Resistance levels : $0.8000 and $0.9413
Support levels : $0.5000 and $0.3742
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.