Sandbox (SAND) Rally Strengthens: Key Breakout Signals Potential to $0.22

The Sandbox (SAND) continues on an upward pricing momentum and has extended the recent rally. During the past 24 hours, it has shown a significant increase of nearly 11.66%. There has also been an improvement in the weekly chart as the token has registered a gain of 12.97%.

Currently, SAND is trading at $0.1351. Its current 24-hour trading volume stands at $126.15 million, which has shown a massive decline of 293.57% on a daily basis. However, its market capitalization has moved up to $360.74 million, registering an increase of 11.65% due to price escalation.

Source: CoinMarketCap

Also Read: The Sandbox (SAND) Falling Wedge Signals Potential Rebound to $6.80

Downtrend Break Signals Possible Trend Shift

SAND has remained in an overall downward trend since September, with lower highs and lower lows. A definite downward trend line has capped the pullbacks. It indicated intense selling pressure until the end of December, when the selling pressure reduced, and the price settled around the $0.105-$0.115 demand area. The zone, which was a resistance at $0.118-$0.122, might turn out to be a support.

Source: @clifton_ideas

The target on the chart is towards $0.21-$0.22, which represents an 87% increase from the breakout point. There may be some pauses around $0.135 and $0.16 on the way to the target. A close below $0.11 on the daily charts might dampen the strength of the pattern and may even give way to a breakout failure if the selling pressure returns strongly from here again.

Market Overbought Signals Short-Term Caution

The RSI value is at 70.71, which is above the overbought level, suggesting a strong bullish sentiment but a short-term overheated market. The value of the moving average of the RSI is approximately at 53.37, suggesting a transition of momentum from neutral to bullish.

Source: TradingView

The MACD line is above the signal line, with an expanding positive histogram, which indicates that the bulls are getting stronger. The MACD line is 0.00256, while the signal line is 0.00116, with a positive histogram of 0.00140, which is expanding.

Also Read: The Sandbox (SAND) Poised for Explosive Move Toward $2.60