The Sandbox (SAND) Falls to Support After 30% Drop in Three Days

The Sandbox (SAND) Reaches Convergence Point of Long-Term Consolidation & Resistance

The Sandbox (SAND) is struggling to maintain the upward motion that started on June 18. It has almost returned to its June lows.

SAND has been falling since reaching an all-time excessive worth of $8.48 on Nov. 25, 2021. The downward motion continued till June 18, 2022, and led to a low of $0.73. 

The worth bounced afterward, validating the $0.75 horizontal space as assist. This is an important horizontal space because it had beforehand acted as resistance from March – Nov. 2021. 

Currently, the value is buying and selling at $0.97, measuring a lower of 88.5% because the all-time excessive. 

Divergence leads to breakout

The every day chart supplies a extra bullish outlook than the weekly one, which nevertheless doesn’t verify the opportunity of a full bullish reversal. 

On the bullish aspect, the RSI generated bullish divergence which led to an upward motion that brought on a breakout from a descending resistance line that had been in place because the starting of April. 

On the bearish aspect, the value has struggled to maintain the upward motion and is approaching its June lows as soon as extra.

The RSI may discover assist on the present degree of 40 and bounce, but when it doesn’t, it can possible imply that the breakout is not going to be sustained and a brand new low will comply with.

Short-term SAND motion

Cryptocurrency dealer @BigCheds tweeted a chart of SAND, stating {that a} short-term lower is predicted.

Since the tweet, the value has decreased significantly and broke down from an ascending assist line on June 28. 

The downward motion has taken SAND again to the 0.618 Fib retracement assist degree at $0.97. In flip, that is the ultimate assist space prior to the June lows. 

So, if the present degree fails to provoke a bounce, new yearly lows can be anticipated.

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