- Sandbox price might witness drops to test a critical footing before a higher bounce.
- SAND has to hold beyond $2.90 to prevent further declines.
- Sandbox slicing beyond $4.42 might trigger a 57% upswing.
Sandbox (SAND) might test a crucial support level before a potential bounce. However, the metaverse token has to steady beyond the 200-day SMA for the bullish reversal to play out.
SAND to Eye after Testing Support Level
The SAND price printed a symmetrical triangle formation on its daily chart. That suggests that the asset can continue with sideways actions inside the governing technical pattern’s boundaries. Increased bearish sentiment will see Sandbox declining towards the 200-day Simple Moving Average at $2.90, matching the prevailing chart pattern’s lower border. A drop beneath the mentioned defense line might trigger an additional 57% drop to $1.34, the target by the primary technical setup.
Nevertheless, SAND might find another footing around the Momentum Reversal Indicator’s support line at $2.30. Bulls will encounter the initial resistance area at 23.2% FIB retracement around $3.29 amid reversals. Another hurdle will appear at 38.2% FIB retracement zone at $3.59.
Additional obstacles might showcase at the 50% retracement area near $3.83. Another one will emerge at the 50-day Simple Moving Average at $4.08, matching the 61.8% FIB retracement area. The most challenging hurdle can appear at the prevailing chart pattern’s upper border at $4.42, the level intersecting with 78.6% FIB retracement area. Meanwhile, Sandbox price slicing past this resistance level will trigger a 57% surge to $6.91.
Sandbox might encounter an obstacle near the 100-day Simple Moving Average at $4.84 before hitting the optimistic target. The hurdle sits near the MRI’s resistance line. Also, 161.8% FIB extension might act as another SAND headwind around the $6.13 mark.
For now, SAND nears the last defense line before catalyzing bullish reversals. However, the crypto has to hold beyond $2.90 to avoid more declines. A decisive move past $4.42 might support a 57% surge.
For now, the overall market attempts to recover following the latest market fall. While publishing this content, Sandbox changed its bullish actions at $3.27. Let’s wait for upcoming trading sessions.