The analyst said that SAND, which has fallen by 30%, is still likely to drop to $ 3. According to analyst Jonathan Morgan, the price of the popular metaverse coin Sandbox will face a strong correction after completing a bearish time cycle. A corrective action is essential to maintaining a healthy market. Details cryptocoin.com‘in.
Flash metaverse coin bearish
Sandbox’s performance since October 2021 has been spectacular, but after a flash crash comes a real pullback and corrective action. Sandbox price gains of 1.010% fell over 30% earlier on Saturday. Sandbox price rose from $0.75 on October 28, 2021 to an all-time high of $8.48 on November 25. However, nothing goes up forever, and SAND was at risk for a particularly drastic drop. In his analysis of Gann, WD Gann wrote that any instrument that has been in a strong or extreme trend for seven weeks is very likely to have a quick corrective move or a broader trend change. When it comes to sandbox price, the move has been strong and extreme.
Sandbox price has an anticipated retracement to the 50% Fibonacci retracement from $3.00. This 50% Fibonacci retracement is drawn from the all-time high of the weekly strong bar to the low, which is currently the standard method for plotting the Fibonacci retracement set by Connie Brown. However, Sandbox price may remain in price discovery mode; therefore small dips can continue to be bought and all-time highs can continue to be made.
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