The Sandbox (SAND) The token rally is currently undergoing a minor correction after being rejected from a new all-time high of $8.5. SAND price is still flopping around the $8.5 and $5.7 levels, so crypto traders should continue to wait for a better signal that could set the price’s next course.
Important technical points:
- SAND is showing a symmetrical triangle pattern on its 4-hour timeframe chart.
- The SAND token bears plunged the price below the crucial support of the 50 EMA.
- Intraday trading volume in the SAND token stands at $46.4 million, which marks a 6.71% drop.
On November 28, SAND/USD ‘showed candles’ that engulfed a bull and attempted to enter a recovery phase. However, the intense selling pressure in the token instantly rejected the price. The current price of this token is trading at $6.28 with an internal loss of 6.12% in one day.
Also; The price is trading above the initial support on this minor pullback and remains in a solid uptrend. Also, the Relative Strength Index (61) supports the bullish sentiment.
SAND/USD Price Analysis: 4-Hour Timeframe
This is the narrower timeframe chart, SAND It shows that the price fluctuates in a symmetrical triangle pattern. This price pattern provides a strong directional move in price when it provides a suitable breakout from any of the trend lines.
However, the heavy selling pressure on the token has driven the token price below the 50 EMA line, which previously provided strong dynamic support. Also, the MACD indicator shows the MACD and the signal line recently dropped below the neutral zone (0.00), indicating bearish momentum for this token.
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.