Welcome to a comprehensive technical analysis of SAND, the native token of The Sandbox metaverse. We’ll delve into the one-hour, one-day, and one-week charts to decipher the token’s price trajectory.
One-Hour Chart: SAND/USDT Pair
The one-hour chart reveals recent volatility triggered by the Bitcoin ETF news pump. Despite this, the overall structure remains bearish, with frequent shifts in character. SAND is likely to continue its bearish trend, testing the 50 and 200 EMAs, which exhibit bearish signs. A potential five-wave structure and corrective ABC pattern suggest an impending breakdown, with potential support at 27.9 USDT. Caution is advised due to a possible pullback in the overall market, particularly Bitcoin.
Daily Chart: SAND’s Bearish Outlook
The daily chart reinforces the bearish structure, with resistance at the 200 EMA. A corrective ABC pattern to the downside is anticipated, with potential targets at 23.63 USDT and 17.05 USDT. Stochastic indicators point to weak momentum, suggesting a continuation of the bear market and the establishment of new bear market lows.
Weekly Chart: Long-Term Prospects Amidst Short-Term Challenges
Despite short-term bearishness, the long-term target for SAND remains a return to its all-time high. However, a potential retracement to 10 cents in a zigzag impulsive pattern cannot be ruled out. Despite these challenges, SAND holds the potential for a bullish future.
Key Takeaways:
- SAND’s price is currently facing strong resistance at the 0.618 FIB level.
- The token has the potential to reach significant price levels like $20 and $69.
- SAND’s strong industry connections and the “play-to-earn” narrative bode well for its future.
- Caution is advised due to market conditions, and tight stop losses are recommended.
