Sandbox The price is preparing for a massive rally to reach a new high. If the bullish chart pattern remains strong, a 38% increase is visible on the radar. A level above $6.96 could provide significant gains for SAND.
The sandbox price chart continues to create a ‘bullish chart pattern’ that could cause a 38% increase and push the price up to $9.6. Optimistic targets will remain realistic if SAND manages to stay above the December 30 low of $5.55.
Sandbox price sets next target at $9.60
The sandbox price is forming a “cup and handle chart pattern” on the 12-hour chart, projecting a 38% rise from the neckline at $6.96 to $9.60.
Sandbox price is likely to face immediate resistance at the 50% retracement level at $6.07, followed by the 61.8% Fibonacci retracement level at $6.53. SANDThe toughest hurdle to overcome will be the governing technical pattern’s neckline at $6.96.
If the sandbox price manages to rise above the upper bound of the current chart pattern, the 38% rise could be on the radar. The SAND will face an additional hurdle at the 78.6% Fibonacci retracement level, which coincides with the $7.20 resistance line given by the Momentum Reversal Indicator (MRI).
Sandbox price should also clear the hurdles of November 29 high of $7.93, then November 25 high of $8.51. The 127.2% Fibonacci extension level will then act as an upside head for the SAND at $9.11 before the above-mentioned optimistic target is reached.
If an increase in sell orders occurs, Sandbox price It slides to the nearest support at $5.97 on the 21 twelve-hour Simple Moving Average (SMA). An additional support line may emerge from the December 30 low at $5.55. However, traders should keep in mind that the bullish outlook will be invalidated if the SAND falls below the aforementioned support.
Sandbox price could then slide further to explore support at the 38.2% Fibonacci retracement level at $5.60, then at the 50 twelve-hour SMA at $5.45, then at the 100 twelve-hour SMA at $5.27.
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.