SANDBOX Price Prediction: Are The SAND Bulls Aiming For $1?

SANDBOX is trading at $0.422. The price is up 1.16% in today’s trading session. The 24H trading volume saw a fall of 24%. The Total Market Cap is $790,381,772

• SAND/USDT gained 25% from the recent swing low
• SAND/USDT is down 55% from the resistance of $0.90.

SANDBOX is training around the Year to Day. The market witnessed continuous selling from February. Bears have been dominating the market which led to a decline of almost 55%. Sand appears to recover after taking support at $0.376. This support is very crucial for the Market.

The SANDBOX market is forming a falling wedge.

Source: SAND/USDT by TradingView:https://www.tradingview.com/x/xMRIBvAk/

The Daily chart shows the struggles of the Bulls as they failed to defend some key support levels. The market is trading 32% below the 200 EMA. This establishes the strength of bears and concludes the presence of sell pressure in the market. SAND appears to be forming a falling wedge and this may be the chance for the Bulls to turn the tides.

A falling wedge has a more bullish bias and the Buyers will try to break it. A successful break can mark the beginning of a Bullish rally of almost 90% and can drive the prices to $1. It is important to wait for a Breakout supported by a big volume for an ideal entry.

A brief consolidation before volatility.

Source: SAND/USDT by TradingView: https://www.tradingview.com/x/aIxlFCuw/

The 4H chart shows a minor uptrend as the price created a higher high. SAND Bulls Are patiently waiting for the prices to reach the upper trendline of this falling wedge. It is important to consider the bearish scenario as the market is still in a downtrend. On the Downside, the bears will be looking to breach the $0.3762.

A breakdown of this support will collapse the market by almost 40% and things can become very ugly. On the upside, if SANDBOX breaks out of the falling wedge, The market must overcome the resistance at $0.505 and $0.728. Prices are expected to become volatile in the near future.

RSI:

The RSI indicator is currently at 55.23 on the 4H and this represents a weak bullish to sideways market

MACD:

The MACD indicator is about to make a bearish crossover from above the 0 line. It means a brief pause to bullish action. 

200 EMA:

As observed, on the 4hr, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. This is a clear indication of a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.

Technical levels

Support Levels: $0.376 – Support 1

 $0.207 – Support 2

Current Price: $0.422

Resistance Levels: $0.505- Resistance 1

 $0.728 – Resistance 2

Conclusion:

SANDBOX is in a crucial demand zone. The market is in a break it or make it stage. Although there is extreme fear, this price level can be a great opportunity as the risk-to-reward from here is exceptional. This could be a rare opportunity because a recent pump in Bitcoin could also mean a potential bull season for altcoins, and SANDBOX is sitting at a low-risk price. Investors with great risk management skills can make the best out of it.