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Sandbox price is forming a triple bottom setup and is on the verge of a massive bull rally.
A surge in buying pressure could propel SAND to the $5 psychological support by 57 percent.
The bullish thesis will be invalidated if the daily candlestick closes below the $2.69 support level.
Sandbox price has formed a bottom reversal pattern on the daily chart, indicating a bullish outlook. The most recent retracement has stabilized around a reliable support area, implying that a bounce is on the way.
The sandbox price will kick-start a new uptrend.
On November 15, 2021, the Sandbox price established a demand zone extending from $2.69 to $3.00, allowing bulls to take a breather before propelling SAND to new highs of $8.48. Since then, this level has served as a significant retracement level for price.
So far, Sandbox price has retested the mentioned demand zone three times, resulting in a triple bottom setup. This technical formation indicates that the downtrend has ended and that an uptrend is about to begin.
Sandbox's price has been consolidated for about a week, indicating that a massive move is imminent. A decisive break of the $3.31 resistance level will confirm a breakout and indicate that bulls are targeting a retest of the weekly resistance level of $4.71.
While there is a good chance that SAND will form a local top here, if the rally continues, the altcoin could reach the $5 psychological level. This additional ascent would represent a 58 percent increase from the current position - $3.18.
So far, Sandbox price has retested the mentioned demand zone three times, resulting in a triple bottom setup. This technical formation indicates that the downtrend has ended and that an uptrend is about to begin.
Sandbox's price has been consolidated for about a week, indicating that a massive move is imminent. A decisive break of the $3.31 resistance level will confirm a breakout and indicate that bulls are targeting a retest of the weekly resistance level of $4.71.
While there is a good chance that SAND will form a local top here, if the rally continues, the altcoin could reach the $5 psychological level. This additional ascent would represent a 58 percent increase from the current position - $3.18.
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** 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. 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 USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
