- Sandbox price crushing short-sellers with a rally in excess of 10%.
- Critical support found within the Ichimoku system hints at a sustained rally.
- Near-term resistance could limit further upside potential.
Sandbox price has been on a clear and powerful drive higher during the Wednesday trading session. Fears of a much deeper sell-off have been mostly abated as SAND looks towards upcoming resistance before it can pursue new all-time highs.
Sandbox price must break and close above $5.80 to generate another bull run
Sandbox price displayed a clear rejection of any further, near-term bearish momentum after establishing support against the bottom of the Cloud (Senkou Span B) at $4.62. Adding to the bullish bounce is the current move above the Tenkan-Sen and the mid-line of the Linear Regression Band (blue diagonal channel lines). The Linear Regression Band is also the current bull flag.
There is some powerful resistance up ahead for Sandbox price between $5.60 and $5.80. The top of the Ichimoku Cloud and the Kijun-Sen share the $5.60 level, while the upper line of the Linear Regression Band is at $5.80. As a result, SAND will likely face some selling pressure against one or both of those resistance levels, falling back inside the Cloud and then testing the Tenkan-Sen as support.
SAND/USDT Daily Ichimoku Chart
However, a clear breakout with a daily close above $5.80 would fulfill all the conditions needed for an Ideal Bullish Ichimoku Breakout entry – the most critical condition being the Chikou Span in open space. If Sandbox price achieves a close above $5.80, it should have a wide-open road to test new all-time highs near the 100% Fibonacci expansion at $10.66 and the 161.8% Fibonacci expansion at $14.65.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Lido DAO announces new phase on Ethereum with Simple DVT module
Lido DAO voted on the deployment of the Simple DVT module nearly six months ago, it is ready for mainnet as of April 17. Simple DVT helps to make Lido’s technology accessible to more users. LDO price is down nearly 3% in the past day.
New altcoins crash and burn, but this altcoin shows strength Premium
Binance Coin price shows a bullish pennant continuation pattern. BNB could range between the $600 to $526 levels until the skies clear out for Bitcoin. The altcoin could see a massive gain with the upcoming BEP-336 upgrade.
Cronos price fails to recover despite network upgrade
Cronos (CRO) is an Ethereum Virtual Machine (EVM) compatible chain in the Cosmos ecosystem. A mainnet upgrade was completed early on Wednesday and the asset’s price declined nearly 2% in the past 24 hours.
XRP tests $0.50 resistance after Ripple CLO says pretrial conference with SEC did not take place
XRP is stuck below $0.50 resistance after failing to close above this level since Monday. Ripple CLO Stuart Alderoty said late Tuesday there was no pretrial conference since the SEC dropped charges against executives.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.