In the wake of the recent recovery in the crypto market, the Sandbox coin price rebounded from the local support of $0.675. The resulting V-shaped recovery surged the coin price 23% higher where it currently trades at $0.842. Thus, with sustained buying, the coin price will undermine the February second-week correction and hit the $0.925 resistance. However, the correction was part of a famous bullish pattern called cup and handle, suggesting the SAND price may witness a prolonged rally.
- A bullish breakout from the $0.925 will hint at the completion of a cup and handle pattern
- The pattern’s technical setup could lead to a bullish rally of 58% up to reach $1.5
- The intraday trading volume in SAND price is $694.6 Million, indicating a 195% gain.
The last four months’ price action in Sandbox coin price has shown the formation of a cup and handle pattern. The cup shape is formed by a rounded bottom, resembling a “U” shaped recovery. Whereas the handle shape is formed by a downward drift in price after the cup, followed by a breakout of neckline resistance, which confirms the pattern.
As mentioned above the coin price is currently going through a handle formation of the pattern, offering a long entry opportunity to traders. Today, the SAND price is up 9.2% and offers a decisive breakout from the $0.08 resistance.
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This breakout should accelerate the buying pressure and drive the prices by 8.5% to challenge the $0.925 resistance. Anyhow, this $0.925 is the neckline resistance of this pattern, and a daily candle closing above it will signal the resumption of the bullish trend.
In an ideal bullish scenario, the completion of the cup and handle pattern should drive a bull run to the $1.5 mark.
Relative Strength Index: The daily RSI slope rebounded from the midline indicating the market sentiment remains bullish
EMAs: Amid the recent correction in the SAND price, the 50-and-100-day EMA support has proven to offer significant support during occasional pullbacks.
Sandbox Coin Price Intraday Levels
- Spot price: $0.84
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.925 and $1.03
- Support level- $0.8 and $0.67.
The post Sandbox Price Poised for 58% Rally If These Factors Are Met appeared first on CoinGape.
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