Aaryamann Shrivastava
FXStreet
- 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
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.
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