It May Increase 20 Percent! Within Hours, Action May Begin for This Metaverse Altcoin!
Metaverse-focused popular cryptocurrencies continue to suffer losses led by Bitcoin. However, one of them can start a new rally by making up for their losses later on. Yes, we are talking about The Sandbox (SAND). The latest technical data points to a significant level.
The Sandbox (SAND)
Popular metaverse token SAND briefly dropped below $3 but rallied last week. So, the interesting question here is: will the SAND token go towards $4.5? The $4.5 area was protected from bears throughout December, but in mid-January the bulls started to run out. As Bitcoin crashed hard, the price quickly dropped to $2.62. Since these lows, the market has seen a relief rally. Alongside Bitcoin, SAND has also made steady gains.
The short-term market structure was bullish as high as $4.16 (previous highs and higher lows were consistently broken), but at the time of writing, the price made a low of $3.54. Given this development, aside from the fact that the lower highs of the larger trend lie at $4.45, recent highs of $4.16 could be a lower top in the overall market structure. In other words, the current price can be considered a bottom in current market conditions.
Will SAND Rise?
The important question is, was the price easing to $3.54 a divergence in seeking liquidity or an early sign of a change in market structure? The Awesome Oscillator was above the zero line for the better part of last week, but has dropped strongly below the zero line over the past few days to show the bullish momentum. The MACD showed more or less the same thing, but was on the verge of forming a bullish crossover. This may be an indication that SAND is starting to rise once again.
CDV showed that the selling volume of the last few days has been light compared to the buying volume which has increased from $2.62 to $4.16. This could signal a pullback before a move higher, possibly towards the $4.5 supply area.
While the long-term market structure is in a downward trend, the short-term picture started to decline from an upward trend a few days ago. The $3.8 level did not hold and it could turn out that SAND is seeking liquidity in the $3.6 area before following last week’s gains. If such a scenario occurs, the $3.3 level could stop the decline in prices.