Sandbox (SAND) is nearing strong support, what’s next?

Sandbox (SAND) started a strong rebound on December 4th but was unable to break above the next resistance level thereafter.

Sandbox (SAND) is nearing strong support, what's next?

Day outlook

SAND has fallen since it hit an all-time high of $ 8.48 on November 25 and hit a low of $ 4.12 on December 4.

More importantly, the bounce confirmed the $ 4.55 area of ​​support. This is both horizontal support and 0.618 fib retracement support. Because of the combination of these factors, it is likely that a ricochet will be initiated.

However, the technical indicators continue to decline.

The MACD, formed by the short and long-term moving averages (MA), is in positive territory and is declining. This means that the short-term MA is slowing down compared to the long-term MA.

The RSI has fallen below 50 (red symbol). This is a sign of a downtrend. The indicator’s intersection above the previous line of 50 (green symbol) resulted in a one-sided rally to a new all-time high.

Therefore, the signals of the price movement and the technical indicator do not match in the daily timeframe.

Sang-mang-gia

SAND / USDT daily chart | Source: TradingView

Short term movement

Trader @TradingTank tweeted a SAND chart and said that price would have to break the $ 5.60 resistance to resume the uptrend.

Sang-mang-gia

The source: Twitter

The main resistance area is at $ 5.60. It coincides with a descending resistance line from the all-time high.

More recently, it turned down the SAND on December 13th, catalyzing the current downward move. Until this level is restored, the trend cannot be considered bullish.

A break of the above $ 4.55 support area may move the price towards the next support at $ 3.95.

1639621418 945 Sandbox SAND is nearing strong support whats

SAND / USDT 2-hour chart | Source: TradingView

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Sandbox (SAND) is nearing strong support, what’s next?

Sandbox (SAND) started a strong rebound on December 4th but was unable to break above the next resistance level thereafter.

Sandbox (SAND) is nearing strong support, what's next?

Day outlook

SAND has fallen since it hit an all-time high of $ 8.48 on November 25 and hit a low of $ 4.12 on December 4.

More importantly, the bounce confirmed the $ 4.55 area of ​​support. This is both horizontal support and 0.618 fib retracement support. Because of the combination of these factors, it is likely that a ricochet will be initiated.

However, the technical indicators continue to decline.

The MACD, formed by the short and long-term moving averages (MA), is in positive territory and is declining. This means that the short-term MA is slowing down compared to the long-term MA.

The RSI has fallen below 50 (red symbol). This is a sign of a downtrend. The indicator’s intersection above the previous line of 50 (green symbol) resulted in a one-sided rally to a new all-time high.

Therefore, the signals of the price movement and the technical indicator do not match in the daily timeframe.

Sang-mang-gia

SAND / USDT daily chart | Source: TradingView

Short term movement

Trader @TradingTank tweeted a SAND chart and said that price would have to break the $ 5.60 resistance to resume the uptrend.

Sang-mang-gia

The source: Twitter

The main resistance area is at $ 5.60. It coincides with a descending resistance line from the all-time high.

More recently, it turned down the SAND on December 13th, catalyzing the current downward move. Until this level is restored, the trend cannot be considered bullish.

A break of the above $ 4.55 support area may move the price towards the next support at $ 3.95.

1639621418 945 Sandbox SAND is nearing strong support whats

SAND / USDT 2-hour chart | Source: TradingView

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page

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