- Sandbox readies for optimistic reversals to $4.01, the governing technical pattern’s topside boundary.
- Nevertheless, SAND will meet many challenging hurdles before hitting the optimistic target.
- Slicing past the prevailing chart pattern’s topside trend-line might trigger another 57% surge.
Sandbox (SAND) awaits upswings towards the prevailing chart’s upper boundary. Nonetheless, the metaverse token consolidates inside the primary technical setup, confusing predictions until a significant break emerges.
SAND Price Encounters Many Obstacles Ahead
Sandbox saw its price forming a symmetrical triangle setup on its daily chart. That comes as the altcoin records continued sideways actions. SAND targets the technical pattern’s upper limit at $4.01 despite consolidations.
Sandbox will encounter the nearest resistance at 21-day SMA at $3.54. Another obstacle can appear around the 50-day Simple Moving Average at $3.85. Overcoming this level will see Sandbox hitting the optimistic aim, translating to a 21% surge to $4.01, matching the 61.8% FIB retracement area.
Meanwhile, Sandbox price climbing beyond the governing technical setup’s upper trend-line might catalyze an additional 57% surge to $6.24. However, higher aspirations will first target a 78.6% FIB retracement zone at $4.38. This area intersects with the Momentum Reversal Indicator’s resistance line.
SAND price will meet another resistance near the 100-day Simple Moving Average at $4.80, then 127.2% FIB extension zone at $5.47. Nevertheless, increased bearish sentiment might trigger downtrends for SAND towards 200-day Simple Moving Average at $3.03. More downswings here will see the alt plummeting towards the prevailing chart pattern’s bottom border at $2.83.
Sandbox might see its price collapsing to the MRSI’s support line at $2.31 amid a surge in sell orders.
For now, SAND targets a temporary 21% upswing to $4. Meanwhile, the token will encounter multiple challenges in the upside journey. A decisive move past the optimistic target might reveal another 57% upsurge for the metaverse token.
The crypto space remains bullish following recent massive upswings. However, most assets consolidate the acquired gains. Bitcoin changes hands at $43,744 after brief retracement from value levels near $45K. Developments from geopolitical tension between Ukraine and Russia remain crucial in the markets next directional bias.
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