Altcoins

Can SAND’s bullish structure and sustained demand pull it back from sub-$3 levels

Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation

The lack of Bitcoin to carry on to the $44k space induced sturdy promoting stress throughout the crypto market, and The Sandbox was one of many cash affected. As Bitcoin plunged under the $44.4k stage, SAND additionally slid beneath the $3.4 stage. The $3 stage was additionally breached by the bears. Does this imply that the bullishness of March was undone? Conversely, can The Sandbox publish features and push towards the $4.4 space within the weeks to come back on the again of sustained demand?

SAND- 1 Day Chart

The Sandbox has a bullish structure, sustained demand, but is the dip below $3 ominous?

Supply: SAND/USDT on TradingView

On the every day timeframe, the market construction for SAND nonetheless had a bullish bias. Don’t roll your eyes but. The downtrend (purple) and its latest decrease excessive at $3.41 has been damaged by a better excessive two weeks in the past. The swing low at $2.62 in February has additionally been adopted by larger lows in March.

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Till the $2.62 stage is damaged, the charts would have a bullish tinge. Within the subsequent few days, the $2.8 stage may have some significance on the decrease timeframes. Because the $3 stage has been ceded to bears, decrease timeframes had a bearish outlook.

Due to this fact, long-term traders want to see the $2.6-$2.8 space be defended by the bulls within the days to come back. If such a state of affairs does unfold, and SAND can haul itself again above $3, the latest drop might be thought-about a liquidity seize.

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Rationale

The Sandbox has a bullish structure, sustained demand, but is the dip below $3 ominous?

Supply: SAND/USDT on TradingView

The RSI hovered simply above the 40 mark at press time, and the Stochastic RSI was additionally in oversold territory and on the verge of forming a bullish crossover for the present buying and selling session. It should be remembered that momentum indicators lag behind the value.

The OBV has been in an uptrend since March, and alongside the upper lows, introduced credibility to a bullish bias.

Conclusion

Within the occasion that Bitcoin sees one other wave of promoting, SAND can drop towards the $2.62 mark. A shopping for alternative was doubtless not in sight but for a risk-averse purchaser, and a transfer previous $3 and $3.4 could be essential for long-term traders to count on a transfer towards $4.4.

On decrease timeframes, it will be encouraging if the bulls can push SAND again above the $3 mark. The $3.12-$3.15 was an space of resistance on decrease timeframes.

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