The Sandbox (SAND) Price Poised for Nearly 50% Surge in the Near Future
The price of The Sandbox (SAND) has broken above the long-term resistance line and reclaimed a crucial price zone. It is expected to continue rising in the coming period.
The price of The Sandbox (SAND) had fallen below the descending resistance line formed since July 2022. During this period, the price broke down below the crucial support zone at $0.39, marking the continuation of the downtrend.
However, instead of declining to the next crucial support at $0.18, the SAND price rebounded from the $0.28 level in early September 2023.
The subsequent upward movement helped the price break above the long-term descending resistance line and the crucial zone at $0.39. Last week, the SAND price confirmed this area as support with a bullish pinbar candle (green arrow).
This is a highly bullish development as it indicates that the previous crash was only a deviation, and a strong uptrend is likely to follow.
The weekly RSI has broken above the descending resistance line and is sloping upward, supporting the continuation of the uptrend.
If the SAND price continues to rise, the next important resistance zone to watch is $0.6, representing a 45.57% increase from the current price.
Short-Term Parallel Channel Breakout
The 4-hour chart shows that the SAND price has broken above a short-term descending parallel channel formed since November 13.
This indicates that the short-term correction has ended, and the price will likely continue the previous uptrend.
Therefore, the SAND price could rise to the nearest horizontal resistance at $0.48 in the coming days.
The most likely scenario suggests that the SAND price will continue to rise in the near future. The immediate target is $0.48, with further potential to reach $0.6.
This bullish outlook would be invalidated if the price breaks below the crucial support zone at $0.39 on the weekly timeframe.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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