- The SAND price might be waiting for a swift reversal with the local bottom.
- The coin might hit the governing chart’s upper border at $5.9.
- If SAND surges past $5.90, it might experience another 51% surge.
Sandbox (SAND) price might have printed a local bottom on 10 January as the vital technical indicator shows the metaverse token readies for a bullish move. Though multiple obstacles might confront SAND, the alt might tag the governing chart setup’s upper boundary at $5.90, translating to a 30% upswing.
SAND Price Displays Bottom Signal
Sandbox had its price forming a symmetrical triangle formation on the 24hr chart. The metaverse coin recently hit and secured dependable support around the primary technical pattern’s bottom boundary.
Moreover, the Momentum Reversal Indicator showed a bottom gesture on 11 January candlestick, confirming a possible impending rebound. SAND price will encounter its initial obstacle around the 23.6% FIB retracement area around $4.85, then 38.2% FIB retracement zone at $5.25.
Additional resistance might appear near $5.57, the level where 21-day SMA and 50% retracement area intersects. The SAND price might also meet an obstacle around the 50-day Simple Moving Average of $5.69.
Meanwhile, Sandbox’s price has to overcome the mentioned hurdles for a chance to tag the governing technical pattern’s upper border at $5.90, matching the 61.8% FIB retracement market and the MRI’s resistance line.
If a surge in buy orders happens, pushing the token high past the triangle upper border and breaking past 78.6% FIB retracement market near$6.36, SAND will see another 51% surge to $9.03 – the primary technical setup’s upward target.
Nevertheless, amplified selling pressure could drive Solana’s price lower, tagging the triangle’s bottom boundary at $4.24 as the closest support. Nonetheless, if Sandbox declines under this defense line, the asset may fall further to $3.78, at a 100-day Simple Moving Average and 22 November low.
For now, Sandbox bulls seem dedicated to driving the metaverse token. Also, the emerging local bottom supports a sharp price reversal for SAND. The altcoin might hit the governing chart’s upper boundary at $5.90. A decisive move beyond this level might trigger another 51% upsurge for the token.
Editorial credit: Ira Lichi / shutterstock.com