Sandbox The price may be preparing to take a bullish turn, creating a base reversal setup on the daily chart. The recent pullback has stabilized around a reliable support area and indicates a bounce is coming soon.
Sandbox price had set a demand zone stretching from $2.69 to $3.00 on November 15, 2021, allowing the bulls to rest before pushing SAND to new highs at $8.48. This level represents a significant retracement level for the price since then.
Until now, Sandbox price, retesting said demand zone three times, leading to a triple bottom setup. This technical formation is an important formation that indicates the end of the downtrend and the beginning of an uptrend soon.
Supporting this outlook, Sandbox price has been consolidating for about a week, suggesting a big move is expected. A definitive break of the $3.31 barrier will confirm a breakout and show the bulls retesting the weekly resistance barrier at $4.71.
While there is a good chance for SAND to form a local top here, an extension of the rally could help the altcoin mark the psychological $5 level. This extra boost represents a 58% rise from the current level ($3.18).
On the other hand, if Sandbox price fails to surpass $3.31, it will indicate a weakness among buyers. In such a case, SAND may revisit the immediate support level at $2.69.
A daily candlestick near the $2.69 level will create a lower low and invalidate the bullish argument for Sandbox price. This development altcoin It can lower its collapse to $1.80 in a dire scenario.
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.