Defying the broader market sentiment of indecisiveness, the Sandbox coin price has showcased a significant recovery in the past two weeks. From the May month’s bottom of $0.47, the coin price surged 27.25% to reach the current price of $0.60. With sustained buying, the buyers will challenge a downsloping resistance trendline that carried a steady downtrend for the past eleven months. Can the SAND price break this crucial resistance?
The Sandbox price may prolong its ongoing trendline until the resistance trendline is intact. The downsloping 200-day EMA accentuates that the current market sentiment for SAND is bearish. The intraday trading volume in SAND price is $409.6 million, indicating a 10% loss. With an intraday gain of 3%, the rising Sandbox coin is about to hit an overhead resistance trendline. The coin price has already turned down thrice from the dynamic resistance, indicating that traders are actively selling at price rallies, which is one of the key traits of an established downtrend.
In the coming days, the SAND price’s behavior at the mentioned barrier will be crucial in determining the future trend. If the price shows strong rejection signs at the trendline, it would indicate that sellers continue to defend this level and may resume the prior downtrend. The potential downtrend may plunge the price back to the $4.8 mark. Conversely, traders looking for bullish opportunities must wait until the altcoin gives a decisive breakout with the daily candle closing above the falling trendline.
The possibility of the SAND price reclaiming $1 and kicking off a bullish rally currently depends on the aforementioned trendline. The resistance governs the ongoing downtrend in the meta coin and could push the price lower until it is intact. Therefore, a potential bullish breakout from this formidable barrier will be a key sign of a trend reversal and may push the SAND price above $1.
The daily Relative Strength Index (RSI) slope above the 60% mark indicates that the bullish momentum is high, and buyers could make significant efforts to break the downsloping trendline. According to the pivot levels, the SAND price may face heavy supply at $0.638 and $0.693, while it could witness suitable demand pressure at $0.587 and $0.534.
In conclusion, the future of Sandbox’s price largely depends on its ability to break through the downsloping resistance trendline. While current market sentiment remains bearish, a successful breakout could signal a trend reversal and the start of a bullish rally. It is crucial for investors and traders to carefully observe the market’s behavior in the coming days as SAND price approaches this critical level.
Source: Coingape
