Shining star of the metaverse world Sandboxcontinues to rise even as other crypto assets try to find a support for their prices. Current price action, SAND’s $4.40It can help move it to a new high above.
Sandbox price in the last 24 hours 20% increase It broke yesterday’s record at $4.30 on Thursday, when it broke above $3.8771. The last rally started on November 16, and the NFT gaming coin has made a huge 66% jump from $2.48 to the current price of around $4,070.
While there seems to be no basis for why the SAND price has risen, investors seem to continue to react to the news that blockchain company SoftBank has completed an investment round led by the “Vision Fund”. This round, which took place before November, raised more than $93 million in funding.
Sandbox Price Forecast: SAND Will Rise 8% to $4.40
Sandbox price prediction; SAND is bullish as price action creates an “ascending parallel channel pattern” on the two-hour chart. This represents the bullish pattern that occurs when an asset makes a series of higher and higher lows, indicating a sustained price increase.
It is also a matter of curiosity whether the SAND price will continue to rise as long as it remains within the boundaries of the ascending channel. If SAND price closes above the immediate support of $4.0385 embraced by the middle border of the ascending channel, it will support the bulls to identify the recently discovered $4.21. Beyond that, SAND price will try to tag the target of the current chart pattern to break the all-time high of $4.30 and set a new cap near $4,4040. That’s an 8% rally from the current price.
SAND/USD Two-Hour Chart
Alongside the chart pattern, the ascending moving averages and the entry of the Relative Strength Index (RSI) indicator into the overbought zone highlight the bullish trend of the SAND.
Additionally, the MACD’s position well above the zero line in the positive zone continues to add confidence to the positive outlook of the Sandbox.
If the sandbox breaks below the immediate support of $4.0385, this bullish thesis will be invalidated and it will drop towards the $3.7063 level supported by the lower border of the management channel.
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.