Sandbox The price began to fall with the sales made, following the profits of the investors. Following the increase in the ‘dark clouds’ in the cryptocurrency markets, the SAND price seems to continue to decline towards the ‘monthly pivot’.
SAND If you’re looking to make an investment, the best thing you can do right now is to wait for falling prices to seek new support after they’re attractive to new buyers.
Sandbox (SAND) continued to decline for the second day as global markets began to worry that the Omicron variant was becoming the dominant strain, following the Delta outpacing Delta in the number of infections. Investors are starting to withdraw their money, which could cause the price of SAND to pull back to $5.70.
Sandbox set to correct 10% intraday.
The sandbox had actually been in a good spot over the past few days as traders took a 40% gain in price action as the Christmas rally ramped up. The same sentiment is changing today as the price action on SAND is starting to fade a bit too much as the bulls seek support. The first level of support is 10% below the current price.
With the monthly pivot kicking in, expect SAND to drop further towards the monthly pivot near $5.70 throughout the day. If this level doesn’t work either, traders will want to look for the intersection between the “blue ascending trendline” and the “yellow descending trendline”, making it an excellent entry level to go long.
As volumes will be quite weak in the coming days, sentiment could quickly turn risks and a possible break above it could retest the $7.17 level. At this level, traders will want to re-enter price action and jump to bullish signals. This could help easily see price action ranging from $7.17 to $8.80 and possibly all-time highs, but this will be in line with the exchanges making new highs.
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.