The two-day retreat in Bitcoin has bled the altcoin market. While the pullbacks in altcoins reached 20% today, we observed a recovery with the opening of the US markets.
Although the losses in altcoins have not yet been compensated, we observe that some altcoins have started to diverge positively from the market.
The Sandbox (SAND), which is among the projects that shined after the Metaverse trend, experienced a 30% jump despite Bitcoin. SAND, which managed to rise from $2.49 to $3.15, suddenly attracted attention.
SAND, which is currently at an important resistance level, will start new price exploration when it manages to break above the red zone. The resulting cup-handle formation shows us that the rise can continue up to the $4 level. However, this has not yet been confirmed.
Considering that the price is already up 30%, it can be quite risky to enter a trade without confirmation that we will stay above the red zone.
Those who can’t take the bottom should watch if the price above $3.30 will be permanent.
In retracements, $2.92, $2.72 and $2.52 levels can be followed.
*Not Investment Advice.