Sandbox to trigger bullish move to $5 as SAND forms a reversal setup
|- Sandbox price is on the verge of a massive bull rally as it forms a triple bottom setup.
- A spike in buying pressure could propel SAND by 57% to tag the $5 psychological support.
- A daily candlestick close below the $2.69 support level will invalidate the bullish thesis.
Sandbox price has set up a bottom reversal pattern on the daily chart, signaling a bullish outlook for itself. The latest retracement stabilized around a reliable support area, suggesting a bounce is around the corner.
Sandbox price to kick-start new uptrend
Sandbox price set a demand zone, extending from $2.69 to $3.00 on November 15, 2021, which allowed bulls to take a pit stop before propelling SAND to new highs at $8.48. This level has been significant as a retracement level for price since.
So far, Sandbox price has retested the said demand zone thrice, giving rise to a triple bottom setup. This technical formation indicates that the downtrend is at an end, and an uptrend will begin soon.
Supporting this outlook, Sandbox price has consolidated for roughly a week, indicating that a massive move awaits. A decisive breakout of the $3.31 hurdle will confirm a breakout and indicate that bulls are eyeing a retest of the weekly resistance barrier at $4.71.
While there is a good chance SAND will set up a local top here, an extension of the rally could see the altcoin tick the $5 psychological level. This extra climb would constitute a 58% ascent from the current position - $3.18.
SAND/USDT 1-day chart
On the other hand, if Sandbox price fails to move past $3.31, it will indicate a weakness among the buyers. In such a case, SAND could revisit the immediate support level at $2.69.
A daily candlestick close below the $2.69 foothold will create a lower low and invalidate the bullish thesis for Sandbox price. This development could see the altcoin crash to $1.80 in a dire scenario.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.