Sandbox price prints first bullish sign, 13% recovery rally likely for SAND bulls
|- Sandbox price has set up a higher high after a 33% slide in April and May 2023.
- This move could form the base for a 13% recovery bounce that tags the $0.586 hurdle.
- A daily candlestick close below the $0.504 level that flips into a resistance level will invalidate the bullish thesis for SAND.
Sandbox price suffered a fatal fall after it failed to overcome the ongoing rangebound movement. But there seems to be an inherent shift in investors’ sentiment after the recent uptick that has produced a higher high. Market participants can expect a small pullback that will serve as a buying opportunity before it kickstarts a recovery bounce.
Also read: The Sandbox partners with Japan’s Toei Animation company, SAND price yet to respond
Sandbox price ready to seize the day
Sandbox price crashed 46% between February 8 and March 10, 2023, which was followed by a tight consolidation. The range, extends from $0.504 to $0.667 and SAND bulls have attempted twice to overcome it in the past but failed each time.
The latest attempt in mid-April was followed by a 33% downswing, which formed a local bottom after sweeping the range low at $0.504. In addition to recovering above the said range, Sandbox price has set up a higher high at $0.542.
The shift in market structure that has produced a higher high is a signal of the change in investor sentiment. If the buying pressure holds up, there is a good chance SAND will pull back to $0.515 and trigger a 13% run-up to tag the range’s midpoint at $0.586.
SAND/USDT 1-day chart
While the bullish outlook for Sandbox price is plausible, the main requirement is that the bullish momentum holds. If Bitcoin price suffers a sudden setback, it will drag altcoins down with it. If SAND produces a lower low below $0.504, it will invalidate the bullish thesis and potentially trigger a correction to $0.451.
In dire cases, Sandbox price could revisit the $0.381 support floor.
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