SAND Technical Analysis: Reversal from 200-Day EMA Gains Attention

The SAND coin price rises within the falling wedge pattern, increasing the chances of a bullish breakout to reach the $5 mark. Animoca Brands’ metaverse subsidiary, The Sandbox, is a virtual world that allows users to build, create, purchase, and sell virtual assets as part of games. It has agreed to donate a $50+ million fund, dubbed the Sandbox Metaverse Accelerator Program.  It plans for venture capitalist business Brinc to form part of the program to fund and help mentor companies that want to expand outside of the platforms Open Metaverse. Let us move ahead to read about SandBox’s technical analysis.

Past Performance of SAND

The SAND coin price rose up to 15% in the past 24 hours resulting in a bullish engulfing candlestick near the $3.15 mark. The previous lower price rejection candles forecasted the price jump. The sudden bullish burst continues to make a follow-through candle in the daily chart. Therefore, bullish expectations for the next 24 hours are significantly high.

SAND/USD Daily Chart

SAND Technical Analysis

The SAND coin price action forms a falling wedge pattern in the daily chart, with the price rising higher from the support trendline. Therefore, bullish entry at current prices can target the resistance trendline. The crucial Exponential Moving Averages keep a bullish formation with the 200-day EMA providing dynamic support. However, the falling 50 and 100-day EMA showcase a high possibility of a bearish crossover. The Stochastic RSI Indicator shows the rising K and D lines exit the oversold zone and rise higher. Therefore, once the lines rise above the central line, the possibility of a bullish breakout will increase. The RSI Indicator at 37% shows a slope escaping the oversold zone and rising higher towards the central line. Moreover, the slope rises above the 14-day SMA reflecting a bullish revolt. In conclusion, the technical indicators reflect a rise in underlying bullishness with the increasing chances of a bullish breakout. 

Upcoming Trend

The SAND coin price resonates within a falling channel in the daily chart as the price reverses from the support trendline. Moreover, the Metaverse Accelerator Program reduces the fear in investors during the bearish market.  Buyers, at the current price, can target the resistance trendline or the $4 mark. However, the pattern breakout will lead the prices to $4.75. In an otherwise situation, a reversal from the trendline will reach $3. At press time, a 4-hour technical analysis by TradingView gives a «BUY» signal for the SAND token.

Technical Analysis for SANDUSD    
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