• The Sandbox price has risen by nearly 30% in the span of eight days to trade at $0.681.
  • The bullishness observed on the price indicators suggests SAND could be on the way to retesting the resistance level at $0.815.
  • If the critical support at $0.676 is lost, the altcoin could slip back to March lows of $0.531.

Sandbox price has been following the broader market cues for more than a week now, resulting in the recovery of the losses noted at the beginning of the month. The changing market trend might favor a price rise, provided the bulls support the altcoin going forward.

Sandbox price to continue recovery

Sandbox price, trading at $0.681, has risen by close to 30% in the last eight days. The increase in price enabled the altcoin to regain the support of the 50 and 100-day Exponential Moving Averages (EMAs), which act as a solid base for recovery.

The confluence of these EMAs at $0.676 marked the critical support level for SAND.

Looking at the price indicators, the narrative seems to be bullish at the moment. The Parabolic Stop and Reverse (SAR) indicator is still highlighting an uptrend.

The presence of the blue dots of the indicator below the candlesticks is evidence of the same. The Relative Strength Index (RSI) is also above the neutral line at 50.0. If the indicator bounces off this line, a rise is likely.

Thus, a push from bullish traders would result in the altcoin maintaining $0.676 as critical support, rising to tag the resistance level at $0.718. The level marks the 50.0 Fibonacci retracement of $0.782 to $0.533.

Flipping it into a support floor would enable a rise to the critical resistance level at $0.815, breaching the 200-day EMA and marking a 20% rally.

SAND/USD 1-day chart

SAND/USD 1-day chart

However, if the trend changes and SAND falls through the critical support, the altcoin would note some decline. Sandbox price could be susceptible to a 22% crash bringing the cryptocurrency down to March lows of $0.531.


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ripple proponent attorney slams Michael Saylor’s stand on Bitcoin as perfect money, XRP dips to $0.47

Ripple proponent attorney slams Michael Saylor’s stand on Bitcoin as perfect money, XRP dips to $0.47

Ripple proponent Bill Morgan slams Michael Saylor for promoting Bitcoin as perfect money. XRP Ledger AMM has crossed a milestone of 20 million XRP tokens in Total Value Locked.

More Ripple News

Bitcoin price stalls as BTC miners reserve dwindle; market watches for impact

Bitcoin price stalls as BTC miners reserve dwindle; market watches for impact

Bitcoin spot ETFs show continuous outflow from June 13 to June 21. BTC miners have also seen a decline in their reserves. Bitcoin price is trading inside a descending wedge, and a breakout above $64,600 signals a bullish move.

More Bitcoin News

Week ahead: Bitcoin dips under $63,000, meme coins fade with steep correction in top five

Week ahead: Bitcoin dips under $63,000, meme coins fade with steep correction in top five

Bitcoin dipped under $63,000 on Monday, lowering crypto market capitalization by over 3%, per CoinGecko data. BTC is in a state of decline, and news of VanEck’s Spot Bitcoin ETF launch in Australia failed to improve traders' sentiment. 

More Cryptocurrencies News

Pepe poised for 20% crash

Pepe poised for 20% crash

Pepe price breaks below the ascending trendline support on Sunday, suggesting  a bearish move. On-chain data suggests that PEPE’s active addresses are decreasing, signaling lower demand for the network.

More Pepe News

Bitcoin: Is BTC out of the woods?

Bitcoin: Is BTC out of the woods?

Bitcoin appears poised for a slight decline this week, influenced by factors such as the German Government's deposit of over 1,700 BTC in exchanges, decreasing outflows in US spot ETFs, and on-chain data indicating no signs of BTC DeFi liquidation. 

Read full analysis

BTC

ETH

XRP