SAND Price Pull Brings A Dip To Enter From The Books, Should You BUY?
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The post SAND Price Pull Brings A Dip To Enter From The Books, Should You BUY? appeared first on Coinpedia Fintech News
As the overall market slides down the bearish slope, the metaverse and gaming tokens are facing the heat. Amidst the increasing supply, the SAND price trend tests a crucial support element as it crashes under the 200-day EMA.
With a bearish pattern in play, the metaverse/gaming tokens display week price action and warn of losing the gains of last December. As the buyers grow desperate, Sandbox approaches a pivotal point with high reversal chances. Will this reversal spot bounce the altcoin higher, or is a bearish breakdown imminent?
Beyond this short-term struggle, find out what the possible long-term trend for Sandbox could be in our SAND price prediction. Will the SAND price reach $10 in 2024?
Source – TradingView
With the lower high formations in the SAND price trend, the altcoin faces a strong supply force, leading to the breakdown of multiple levels. During this crash, Sandbox forms a falling wedge pattern in the daily chart and tests the bottom support trendline.
With a 30% drop in the last 30 days, the altcoin has lost crucial levels like the 50-day and 200-day EMA and the $0.50 mark. Moreover, the Sandbox price has broken below the 50% Fibonacci retracement.
Currently, the SAND price trades at $0.443, with an intraday growth of 0.40% following the late-night crash of 2.44%. With the minimal growth, the reversal chances for the altcoin are rising back, teasing a positive cycle within the falling wedge.
Generally, the falling wedge pattern shows a bullish break for an upside rally, which projects a potential prolonging of the prevailing uptrend.
Technical Indicators:
RSI Indicator: The daily RSI line at 37.51% approaches the oversold zone and reflects a selling spree in motion.
Is The SAND Price Crashing to $0.35?
With the SAND price losing critical levels and the bearish momentum on the go, the market reversal threat warns of a gloomy future. However, the price is still within the said pattern, and this projects a likely bullish reversal as the buyers might find a bouncepad.
However, the break below the support trendline, the downtrend can result in a downfall to $0.35.
On the upside, a bullish reversal can rechallenge the overhead resistance trendline and reach the $0.50 mark.
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