• Sandbox price starts to fade for a second day as investors cash in on their gains.
  • SAND price looks to fall back towards the monthly pivot as dark clouds form in global markets.
  • Expect Sandbox prices to look for support to reboot the rally with fresh buyers.

Sandbox (SAND) has been on the back foot for a second day now as global markets start to worry about the Omicron variant becoming the dominant strain, surpassing Delta in the number of contaminations. Investors are starting to pull out their money, which could leadSAND to pull back to $5.70.

Sandbox set to correct 10% intraday

Sandbox was in a sweet spot these past few days as investors enjoyed a 40% gain in price action, with the Christmas rally lifting sentiment. That same sentiment is taking a turn today as price action in SAND starts to fade a little too much with bulls looking for support. That first initial support is still 10% from the current price action.

Expect SAND to dip further throughout the day toward the monthly pivot near $5.70, with the monthly pivot coming into play. If that level does not trick, investors will want to look for the intersection from the blue ascending trend line with the yellow descending trend line, making it a perfect entry-level to go long.

SAND/USD daily chart

SAND/USD daily chart

As volumes these coming days are pretty thin, sentiment could shift quickly back into risk-on and see a retest of the $7.17 level, with a possible break above. Once there, investors will want to get in the price action again and jump on the bullish signals. That could easily see price action ranging from $7.17 to $8.80 and possibly to new all-time highs, but that would be in tandem with stock markets making new highs.

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Crypto bloodbath hasn’t even started yet

Crypto bloodbath hasn’t even started yet

Bitcoin price, Ethereum and other cryptocurrencies are on the backfoot after the massive slaughter that happened on the trading floor on Wall Street yesterday. Instead of cleaning up the pink sheets from the floor, the cleaning staff are probably busy sweeping up plenty of burned-out traders that got annihilated overnight as the Dow Jones printed its worst performance since June 2020.

More Bitcoin News

Dogecoin founder says crypto investors are clueless while DOGE price crumbles under pressure

Dogecoin founder says crypto investors are clueless while DOGE price crumbles under pressure

Dogecoin’s co-founder advises crypto investors to perform actual research and stay informed about their crypto investments. While the meme coin crumbles under pressure, analysts find a bullish pattern that could drive a rally in Dogecoin. 

More Dogecoin News

Is Do Kwon going to get arrested after Terra's LUNA price collapse?

Is Do Kwon going to get arrested after Terra's LUNA price collapse?

The collapse of Terra's LUNA price and algorithmic stablecoin TerraUSD (UST) has sparked outrage in the crypto community. Institutions and retail investors suffered significant losses when $40 billion in LUNA and UST’s market value was destroyed within a week. 

More Terra News

If you haven’t sold yet, XRP will give you another chance before it dumps to $0.19

If you haven’t sold yet, XRP will give you another chance before it dumps to $0.19

XRP price is in a rut as it followed Bitcoin and other altcoins into a crash after the LUNA-UST debacle. Ripple, on the other hand, is relentlessly fighting against the US Securities and Exchange Commission’s (SEC) allegations and to prove that XRP token is not a security.

More Ripple News

Bitcoin: Multiple scenarios arrive at the same bearish conclusion

Bitcoin: Multiple scenarios arrive at the same bearish conclusion

Bitcoin price shows interesting setups from multiple time frames that hint at a confluence. This convergence occurs for the short-term bullish outlook as well as the macro bearish scenario for BTC. 

Read full analysis

BTC

ETH

XRP