The SAND value fell down to the 0.5 Fibonacci backtrack threshold amidst the corrective stage. The pairing managed to spend over 3 weeks getting sufficient assistance from the base level that ultimately preceded the start of this fresh rise. In addition, the chart shows a circular bottoms structure that could push the cost to $8.5 or possibly higher.
The scientific highlights from the recent Sandbox price analysis are:
- The twenty-days Exponential Moving Average is restored by the SAND value.
- SAND has a 24-hour trade volume of $2.82B, showing an increase of 335.1 percent.
Whenever we previously reviewed SAND in an article, the value was stuck in a small pattern, ranging from $4.6 supports to $5.6 resistances. Throughout this retracement, the SAND value received sufficient supports to recover from the lowest supports line.
The SAND value produced a massive bullish reversal candlestick of 22 percent profit on 23 December, breaching the $5.6 as well as the $6.1 resistance within a single trial, providing a superb chance to achieve a longer bet.
The twenty EMA dynamic resistance has been turned into probable supports by this latest surge. Furthermore, the key EMA’s on the daily charts have resumed their bullish orientation.
In the SAND chart, the Relative Strength Index (RSI) which is 61 made a prediction of a major rebound and broke out of the neutral line that is 50.
4-hour Time Period Chart For SAND/USD
Based on observation of the entire structure of pullback and rebound, the SAND token charts displayed a circular low formation in the four-hour time span charts. The neckline of this trend is among the ATH level, which is 48.5, and if the trend continues, the value is going to eventually rise to this threshold.
However, as previously said, the value recently broke out of the $6.1 range and is presently in the retry stage. Cryptocurrency traders should predict a correction to $6.1 or $5.75, that could verify market demands for a rise to continue.
Investors should anticipate to face their following resistance threshold at $6.8 and $704, according to classic pivot lines. Supporting indicators are $5.6 and $5 on the other hand.
What is SAND?
The Pixowl’s token for Sandbox is SAND. It is a cryptocurrency token for blockchain-based virtual environment that lets users build and experience realities. It was initially a mobile and computer games, but Animoca Brands bought it in August 2018 to bring it to the blockchain.
It’s comparable to Minecraft because users may create using water, soil, thunder, volcano, sands, and glasses, and they can interact with other people. Players would be given tasks like creating a specific material from various materials. Their universes could also be saved and uploaded to a public gallery.
According to Coin Market Cap, Pixowl’s Sandbox develops a decentralized network for a dynamic games industry by integrating the abilities of DAO and NFTs.