Sandbox (SAND) Bulls Ready for 38% Surge – Price Forecast
Sandbox will experience a 38% surge if it manages to slice past the prevailing chart pattern's top boundary. The metaverse coin will encounter another obstacle at 78.6% FIB retracement. The level corresponding with Momentum Reversal Indicator's resistance at $7.20.
– SAND price contemplates a massive rally towards another record peak.
– A robust bullish chart formation might lead to a 38% upswing.
– A rally past $6.96 might translate to Sandbox’s significant gains.
(NOT FINANCIAL ADVICE)
Sandbox (SAND) is printing a bullish chart formation that might lead to a 38% surge, sending the metaverse token to higher levels of $9.60. The optimistic narrative will play out as long as SAND maintains beyond the 30 December low of $5.55.
SAND Price Eyes $9.60 Next
The twelve-hour chart has SAND price creating a cup-handle chart pattern. The setup predicts a 38% surge from the $6.96 neckline, propelling the alt towards $9.60. Meanwhile, the crypto will encounter the nearest resistance at 50% retracement area at $6.07, then 61.8% FIB retracement mark around $6.53. Nevertheless, SAND’s most challenging hurdle sat at the governing technical pattern’s neckline at $6.96.
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Sandbox will experience a 38% surge if it manages to slice past the prevailing chart pattern’s top boundary. The metaverse coin will encounter another obstacle at 78.6% FIB retracement. The level corresponding with Momentum Reversal Indicator’s resistance at $7.20.
Also, the SAND price will have to battle the 29 November peak at $7.93, then the 25 November peak near $8.51. Furthermore, 127.2% FIB extension will also serve as SAND’s headwind around $9.11 before the alt reaches its mentioned optimistic target.
On the other part, a surge in sell orders will mean a downward exploration for SAND. Such a narrative will witness Sandbox sliding to the closest support level at 21 12hr SMA near $5.97. Another defense line might showcase at the 30 December low around $5.55. Nevertheless, market players need to beware that a crash beneath this barrier will cancel SAND’s bullish picture.
With that, the alternative coin can suffer further drops, securing support near the 38.2% FIB retracement zone at $5.61, then 50 12hr Simple Moving Average around $5.45, then 100 12hr SMA near $5.27.
For now, SAND bulls need to battle the $6.96 mark for the optimistic case to pay put. That can necessitate broad market sentiment. If analysts’ bullish narrative in the coming year emerges, SAND will topple its hurdles without challenges, exploring new ATHs.
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