• Sandbox price is preparing for a major rally to set a new record high.
  • If the bullish chart pattern is robust, a 38% surge could be on the radar.
  • A slice above $6.96 could unlock significant gains for SAND.

Sandbox price is forming a bullish chart pattern that could send SAND surging 38% toward $9.60. As long as the token manages to stay above the December 30 low at $5.55, the optimistic target could still be in the offing. 

Sandbox price set sights on $9.60 next

Sandbox price is forming a cup-and-handle chart pattern on the 12-hour chart, projecting a 38% ascent toward $9.60 from the neckline at $6.96. 

Sandbox price will face immediate resistance at the 50% retracement level at $6.07, then at the 61.8% Fibonacci retracement level at $6.53. The toughest obstacle for SAND to overcome is the neckline of the governing technical pattern at $6.96.

If Sandbox price manages to slice above the upper boundary of the prevailing chart pattern, the 38% climb could be on the radar. SAND will face an additional hurdle at the 78.6% Fibonacci retracement level, coinciding with the resistance line given by the Momentum Reversal Indicator (MRI) at $7.20.

Sandbox price must also tackle the November 29 high at $7.93, then the November 25 high at $8.51 next. The 127.2% Fibonacci extension level would then act as a headwind for SAND at $9.11 before the aforementioned optimistic target could be reached.

SANDUSDT

SAND/USDT 12-hour chart

If a spike in sell orders occurs, Sandbox price will slide toward the nearest support at the 21 twelve-hour Simple Moving Average (SMA) at $5.97. An additional line of defense may emerge at the December 30 low at $5.55. However, investors should note that if SAND falls below the aforementioned foothold, the bullish outlook would be invalidated.

Sandbox price could then slide further to discover support at the 38.2% Fibonacci retracement level at $5.60, then at the 50 twelve-hour SMA at $5.45, then at the 100 twelve-hour SMA at $5.27.

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin price hears jingle bells rolling in

Bitcoin price hears jingle bells rolling in

BTC is popping higher this Tuesday morning in the ASIA PAC session as Chinese markets spurt higher. After the social unrest over the weekend and on Monday, markets are taking a turn as the Chinese government comes with more easing policy guidance and commits to speed up the vaccination rate. Markets are rallying as another supply chain glut is to be avoided, and inflation forces should decrease a bit further, triggering a rally in BTC that could continue into Christmas.

More Bitcoin news

Binance price shows promising support that could bring $400 onto quote board

Binance price shows promising support that could bring $400 onto quote board

Binance jumps over 3% as China sentiment flips into risk-on. Buyers blowing up the demand side with a bounce off a technical moving indicator.

More Binance news

Can XRP price kick-start 30% upswing if China removes zero-Covid restrictions?

Can XRP price kick-start 30% upswing if China removes zero-Covid restrictions?

XRP shows that it is taking its sweet time to overcome and sustain above a crucial resistance level. If successful, it could catalyze a quick run-up.

More Ripple news

Solana price set to gear up for Dominica coming online with cryptocurrency

Solana price set to gear up for Dominica coming online with cryptocurrency

Get set for the Commonwealth of Dominica to introduce a new coin. SOL should see a positive tailwind from the Tron network rolling out the Domnica Coin.

More Solana news

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP