The Sandbox price could be setting up for a monstrous move targeting $1.00
|- SAND price witnessed a 23% rally since the start of November.
- The bears have wiped 90% of the monthly gains, but the volume profile index remains sparse.
- Invalidation of the bullish thesis is a breach below $0.80.
The Sandbox price is showing eye-candy-like technicals during the second trading week of November. As price coils between two indicators, traders are speculating whether or not to jump into the market. Key levels have been defined to gauge SAND's next move.
SAND price could soar
SAND price should be on every trader's watch list in November as a very profitable opportunity could arise. SAND, the Ethereum-based virtual world token, witnessed a 23% rally to kick off the month. After the impressive rise, the bears stepped in and wiped out 90% of November's gains. Still, there are subtle cues within the technicals hinting that the uptrend will eventually continue.
SAND price currently auctions at $0.84 as the bulls and bears wrestle between the 8-day exponential and 21-day simple moving averages. The coiling effect of the moving averages around the price signals a big move is coming. If the move is bullish, the SAND price could rally towards $1.00 and potentially the $1.06 congestion zone.
SANDUSDT 4-Hour Chart
The Volume Profile Index is lenient towards a bullish bias as the current downtrend has been ongoing with less volume than the previous rally. Additionally, the Relative Strength Index is back within bounds of a healthy uptrend after breaching extremely over-bought conditions earlier in the month.
Invalidation of the bullish thesis could occur if the bears breach the liquidity under $0.80. A sellers' frenzy could occur in doing so, targeting the $0.74 liquidity zone. Such a move would result in a 10% decline from the current SAND price.
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team
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.