- 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.
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.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?