Sandbox price pauses descent to $2 as SAND approaches a vital support level
- Sandbox price has reentered the $2.69 to $3.00 demand zone, hinting at a pause in the recent flash crash.
- This barrier is key in preventing SAND from nosediving to $2 and is likely to re-evaluate the directional bias.
- A bounce off this hurdle could trigger a 16% ascent to $3.31.
Sandbox price is at a pivotal point after its recent crash where it is likely to rethink its directional bias. A bounce from the said foothold will likely trigger an uptrend, ending the bearish regime.
Sandbox price eyes recovery
Sandbox price has crashed 35% in the past five days and has pierced through the daily demand zone, extending from $2.69 to $3.00. This move is significant as the barrier has previously served as a launchpad for SAND.
The recent retracement is likely to make a U-turn, therefore, and then begin a quick recovery rally. This should propel SAND to retest the $3.31 hurdle, bringing total gains to 16%. While this move is bullish, an optimistic scenario would see Sandbox price slice through $3.31 and retest the $4 psychological barrier – a total gain of 38%.
Although unlikely, Sandbox price could tag the weekly resistance barrier at $4.71 in a highly bullish scenario.
SAND/USDT 1-day chart
While things are looking up for Sandbox price, increased sell-side activity could see SAND try to breach the $2.69 to $3.00 demand zone. A daily candlestick close below $2.69 would create a lower low and invalidate the bullish thesis.
This development will open the path for bears to take control and hint at a potential crash to $1.80. This move would represent a 33% decline for Sandbox price. Following the crash, however, it is also a likely place where sidelined buyers might re-enter and give the uptrend another go.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
