Sandbox Coin Price Rises 8% Today: Recovery Rally?
The cryptocurrency market has had a fresh comeback bounce since the start of 2023.
Like the other alternative coins, the Sandbox value has been steadily increasing since last week, increasing by 22.5%.
Since the beginning of 2023, there has been a new recovery bounce on the cryptocurrency market.
The Sandbox currency, like the rest of alternative coins, has been on a steady uptrend since last week, growing by 22.5%. The price of one coin is currently $0.46 and has room to rise even further under the impact of the falling channel pattern.
The price of SAND is now declining because to a falling channel pattern. The SAND price increases by 15% as a result of a strong breakout from the $0.46 resistance. SAND price intraday trading volume is $409.6 million, which is a 10% loss.
Over the previous six months, a clear downward trend in the price of Sandbox has been visible. The construction of a falling channel pattern is revealed by this decline, which is being headed by two parallel walking trendlines. The prices are encouraged for a significant bullish rebound once it breaks the overhead trendline, despite the fact that this pattern, in theory, leads to a direction downward.
The SAND price saw a v-shaped rebound from the $0.38 support and soared above a nearby barrier of $0.46 during the recent recovery in the cryptocurrency market. The long bullish candle, supported by high volume, shows that buyers are confident in a bullish recovery.
Therefore, if the daily candle closes above the $0.46 resistance level, the buyers may have a good starting point for a strong leap. The coin price may increase by another 15% with consistent buying to reach the channel pattern's resistance trendline.
Therefore, the purchasers need to break over the resistance trendline for the Sand price to ride a directional bull run. In ideal circumstances, this breakout might support a bullish price surge to the pattern's top swing high, which is $1.5.
On the other hand, the current decline will continue for a few more trading days if the prices exhibit reversal signs at the above trendline.
Technical indicator
RSI: The daily RSI slope exhibits a fast rebound from an oversold region to a positive territory, indicating the market is experiencing significant purchasing pressure.
EMAs: With the $0.46 barrier breakout, the SAND price also broke through the slope of the 20-day EMA, giving coin buyers an extra advantage.
