- SAND is looking for a breakout in the upcoming sessions.
- Bulls charged the muscles and were ready to uplift the gains.
Sandbox price gradually moves from the last trading session, passing the congestion zone. Moreover, the chart shows a double bottom pattern where buyers are ready to attain further strength and register the breakout above 50-day EMA soon.
The price action floating positive cues of SAND, where bulls continue to show their efforts, led the coin to trade beyond the 20-day EMA and hold the gains.
However, SAND forms a descending triangle pattern with a price near its bottom neckline of $0.5600. If SAND enables the momentum and succeeds in going above the 50-day EMA, momentum will exceed, and bulls will raise the price towards $0.5800 soon.
When writing, Sandbox coin trades at $0.5553 with an intraday gain of 1.32% showing bullish indications. Moreover, the pair of SAND/BTC is at 0.0000199 BTC, and the intraday trading volume increased by 7.70% to $41.26 million. The day high of SAND is $0.5619, and the day low is $5415. The market cap of SAND is $1.32 billion.
Daily Charts of SANDBOX
On the daily charts, SAND looks bullish as per the rebound from the support mark and forms a double-bottom pattern. Moreover, mighty bears were trapped in the past trading session and maintained positions near $0.5000 for a down move, but bulls spoiled the dreams and registered an up move.
The price action shows a fresh beginning of an uptrend in past trading sessions, and buyers enjoyed stretching the gains with follow-up buying in the coin. Furthermore, the price pattern indicates bullishness and the technical parameters suggest that bulls are gaining traction and looking stronger now.
Per the Bollinger band, the price is trading on the verge of the upper band, and a breakout will happen soon.
What Technical Indicators Say?
On the 4-hour charts, SAND made a strong base near $0.5000, where a robust rebound was noted on the charts.
The RSI flew above the overbought zone and showed massive buying in the intraday session, with a positive crossover noted in the index curve.
The MACD indicator showed a bullish crossover in the past trading sessions and floated green bars on the histogram.
Conclusion:
SAND price is now maintaining the gains forming a double bottom pattern and ready for a breakout in the upcoming sessions.
Technical levels
Resistance levels: $0.6000
Support levels: $0.5000 and $0.4500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.