Technical Analysis: The Sandbox (SAND) Price Prediction
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Technical Analysis: The Sandbox (SAND) Price Prediction

4分钟
1 year ago

With over 25,000% price gain within a year, $SAND has been witnessing continuous bull runs since its launch. Is it the right time to invest in it or is it too late? Read more to find out!

Technical Analysis: The Sandbox (SAND) Price Prediction

目录

The Sandbox (SAND) is a community-driven platform and a blockchain-based virtual world that allows its users to create, build, buy, and sell digital assets in the game. 

SAND is the utility token used in The Sandbox ecosystem. In this article, you will see the price of SAND both on the USDT and Bitcoin charts.

SAND/USDT on a 3-Day Chart

The chart you see is a 3-day chart on the logarithmic scale. When you simplify the way of looking at this chart, SAND seems to have been in a big uptrend ever since the launch. You see the formation of impulse waves followed by downtrends until a higher low is formed.

SAND is making new all-time highs right now which makes it difficult to predict where the token is heading exactly.

The high Fibonacci level is plotted in March and the low is in June 2021. As you can see, SAND perfectly reached the 1.786 level and only pulled back a little. If the bulls continue to dominate the market, the 2.272 and 2.618 levels will be inevitable. 

SAND/USDT on a Daily Chart

More details can be found in a zoomed-in chart. SAND made a new all-time high six days ago. The new high was formed with a lower volume that printed a bearish divergence.

But, in a bull run, those bearish divergences tend not to always play out. They are way more effective in a bear market. The most recent low at $3.74 is the level that the bulls would not want to lose.

SAND/USDT on a 4H Chart

In a 4-hour chart, you can see that every time the price seems to be breaking down, bulls step in and let SAND rally. The last few days the token price experienced the momentum falling when it failed to form a higher high, but bulls stepped in right before SAND could fall and a new rally was formed.

On this 4H chart, you can see the last higher low at $3.74 (marked as HL). To continue the bull trend, the level must be maintained. 

Plotted on the chart are the 21, 50, 100, and 200 EMA (Exponential Moving Averages). These are lined up bullish for a long time now and support SAND every time it pulls back a bit.

SAND/BTC on a 3-Day Chart

If you look at SAND valued against Bitcoin, an uptrend can be observed. The price is making higher highs and higher lows.

If the price makes similar moves in this pair, a retrace into an untested 3D demand zone would be a perfect scenario for the bulls, followed by some ranging price action until SAND starts the next leg up. Even if it seems like a deep retrace, it would keep the bullish market structure intact.

SAND is now approaching the -0.236 fib level, where it will experience some resistance for the short term.

SAND/BTC on a 1D Chart

On the 1-day chart, you can see an untested demand zone. In an uptrend, testing a demand invites more buyers to invest in the token. A bounce from that zone, with a reclaim of important (Fibonacci) levels afterward, is a perfect situation for those who are bullish on SAND. The daily demand zone is between 6,600 and 7,100 sats.

SAND/BTC on a 4H Chart

The 4-Hour chart of SAND/BTC is a copy of the SAND/USDT 4-hour chart. For the past few weeks, every time SAND had a rally, it followed a pattern of retracing back into a sort of a falling wedge and breaking out to the upside again. Will this be the real top or will the pattern repeat itself? Only the time will tell!

Summary

  • The 3-day and 1-day chart of SAND shows that it is in a massive uptrend in both the USDT and BTC pairs. It made a new all-time high today.

  • The 4-hour chart shows that the market structure is bullish. A pattern can be seen where the price rallies, retraces, and rallies again.

Keep in mind that all of the above are solely the writer’s observations. Don’t take anything for granted and always do your own research!

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