- Despite Saturday's flash-crash, sandbox price has yet to initiate a standard corrective move.
- Oscillator values and positions warn of continued selling pressure.
- A standard 50% retracement off of a parabolic rise is expected.
Sandbox price will likely follow the rest of the metaverse bubble with a more profound and violent collapse soon. A strong bounce off of crucial support may trap buyers, accelerating any selling pressure this week.
Sandbox price is in a sell-the-rally mode as a 30% drop from the weekly open is likely
Sandbox price action over the weekend was the definition of what whipsaw trading behavior looks like. Last Saturday's open was $6.01 and moved as low as $4.12 during the flash crash. An insane recovery ensued, with SAND closing positive on the day at $6.07 – one of the only cryptocurrencies to do so.
However, that didn't stop the selling pressure from continuing. Sandbox price closed lower by 11% on Sunday and has traded as low as 12% today. Unfortunately for bulls, there is zero support on the daily chart within the Ichimoku system. Near-term support doesn't appear until the weekly Tenkan-Sen at $4.57 and the Kijun-Sen at $4.33.
However, the weekly Ichimoku support levels may not hold as the oscillators remain at extremes. The Relative Strength Index is just turning south after trading above the second overbought level of 90. A likely trendline break with the Relative Strength Index points to more downside pressure.
SAND/USDT Weekly Ichimoku Chart
The Composite Index is the most vital oscillator to watch. If the Composite Index crosses below its moving averages and the trendline, a swift collapse in Sandbox price is likely to occur. The projected support structure is the 50% Fibonacci retracement at $3.00.
If there is a daily or weekly close above the current week's open, that will invalidate any near-term bearish outlook.
Follow us on Telegram
Stay updated of all the news
How XRP whales are preparing for Ripple win against SEC
Ripple has garnered support from several experts and influencers on crypto Twitter in its legal battle with the US financial regulator, the Securities and Exchange Commission (SEC). Messari CEO Ryan Selkis expressed his support for the payment giant in a recent tweet.
Arbitrum airdrop flops, but ARB still makes it to a commendable all-time high. Here’s what happened
The token launch for Arbitrum was quite bumpy, to say the least after users could not claim their airdrop tokens for the first one hour post-launch. The turn of events was very disappointing, given that users had been waiting for a week for the highly-advertised ARB airdrop.
Do Kwon faces fraud charges in New York, LUNA price recovers from 9% crash
Terraform Labs co-founder Do Kwon is set to face more charges in the United States in addition to the ones that already exist against him. The arrest of the former Chief Executive Officer (CEO) of Terra will finally allow the fraud proceedings to begin.
Coinbase CEO calls for action in electing pro-crypto lawmakers following SEC Wells notice
Brian Armstrong urged crypto proponents to “contact their congressman, donate to pro-crypto candidates, show up at town halls” in an effort to achieve clear rules for crypto. The CEO of United States-based cryptocurrency exchange Coinbase, has renewed calls for crypto users to “elect pro-crypto candidates.”
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.