The Sandbox price Analysis: investors break a leg as SAND token hover near $1.0 mark

By June 23, 2022The Sandbox
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Sandbox price Analysis
  • The sandbox coin is close to reaching the conceptual round level of $1.0 during the bullish momentum.
  • The SAND token price is about to reach the 21 moving line of the EMA ribbon indicator on the daily price scale.
  • During the bounce back, there was a gradual increase in trading volume, which resulted in traders seeing a 56% increase in trading volume compared to the previous night.

The sandbox token trades at the $0.990 mark at the time of writing. Meanwhile, speculators are going to further reach the conceptual round level of $1.0.

Last night’s bulls broke the 10-day horizontal boundary and the bulls managed the SAND coin price well above the $0.90 key hedge area of ​​the bears. On the other hand, the recent bottom of the SAND token has acted as an important support level for the bulls.

Source: SAND/USDT by Tradingview

Trading volume has been declining since mid-May and the daily volume bar is below the descending trendline (blue). Despite the fact that the bulls managed the accumulation phase of the SAND token well.

But the trading volume with green bars increased during the higher-high formation, which suggests that the bulls are taking over the dominance of the altcoin near the bottom. Similarly, traders saw a 56% gain in trading volume compared to the previous night.

Meanwhile, the market cap of the SAND token has increased by $100 million in the past 5 days, therefore, according to CMC data, it has risen by 12% in the last 24 hours to reach above $1.2 billion.

Trading volume decrease gradually

Source: SAND/USDT by Tradingview

The SAND token price is about to reach the 21 moving line of the EMA ribbon indicator on the daily price scale. On the other hand, there is a volatility zone in the 200 EMA of the following indicator.

Besides, Stoch RSI is near the overbought zone with a bullish bounce-back.

Conclusion

The sandbox coin is almost forming a bullish barrier on the daily price chart. And Stoch RSI is going to enter the overbought zone further.

Resistance level- $1.5 and $2.0

Support level- $1.0

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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