Sandbox The price formed “three highs” along the $5.64 barrier, indicating a triple top setup. If SAND manages to break past the support base at $4.76, it will likely retest $3.88, which creates a 25% collapse. A higher rise above $6.07 would invalidate the bullish argument that the bulls are back for more.
sandbox The price has been moving sideways between two important levels for about a week. This consolidation is a sign that neither the bulls nor the bears are willing or able to move the SAND in either direction. There is also a lower chance of movement due to the drop setup.
The recovery of the sandbox price after its crash on December 4 was impressive as it rose 50% from the low of $4.12. From now on SAND It stalled, lacking the momentum from the bullish or bearish camps, resulting in a sideways move between $4.76 and $5.64.
During this consolidation, Sandbox price formed three equal tops around $5.64, resulting in a triple top setup. This technical formation represents that after three failed attempts by buyers to prolong the rally, the bears will eventually take control and drive the price down.
So far, SAND is down 8% from the third high and the pattern sizes indicate it will eventually retest the $4.76 support base. Traders can short themselves in the current position or wait for a rise around $5.27.
While risky, Sandbox price has a chance to break through the $5.64 barrier, giving it a much better chance to go short.
Indeed, a break from the $4.76 low will trigger an 18% crash from the December 4 low of $4.12, followed by $3.88. In total, this drop will constitute a 25% decrease from the current position.
On the other hand, if Sandbox price produces a higher high above $6.07, it will invalidate the bullish argument. Market participants can set a “stop-loss” just above this level. This development could see SAND climb higher to retest the $6.75 resistance barrier.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.