Sandbox price can witness a 105% rally if investors can refrain from selling 78 million SAND



Share:

  • Sandbox price rallied by more than 21% in three days to bring the altcoin to $0.65.
  • The altcoin is witnessing no major resistance until $1.34 when 455 million SAND tokens will break even.
  • The 105% rally is possible if investors refrain from selling, which is questionable since over 78 million SAND moved into exchange wallets in 24 hours.

Sandbox price is looking at a huge potential to mark considerable gains provided it can gain some support from its investors. If SAND holders prevent booking meager profits now, they might be able to churn 105% gains in the coming weeks.

Sandbox price to shoot high

Sandbox price is trading at $0.65 at the time of writing after rising by more than 21% in the past 24 hours. The increase witnessed by the altcoin helped it breach through the psychological resistance of $0.60. If this line is flipped into a support floor, cryptocurrency will witness a significant increase going forward.

The reason behind this is that the next major cluster of tokens that would break even is placed within the range of $0.90 and $1.34. However, before Sandbox price can reach this price point, it would need to flip $0.70 into a support line, providing it a boost towards $0.80. 

However, looking at the Relative Strength Index (RSI), it seems like this might be difficult, given that SAND is overbought at the moment. If the market cools down, it could witness slight corrections as well.

SAND/USD 3-day chart

SAND/USD 3-day chart

This makes Sandbox price vulnerable to a dip to $0.58 losing, which would invalidate the bullish thesis and push SAND to $0.53.

Investors control the future

Sandbox price rally depends on what the investors decide to do, as presently, the altcoin is facing no resistance until the aforementioned range of $0.90 and $1.34. The reason behind this is that investors bought 455.5 million SAND tokens at an average price of $1.10, worth over $501 million.

Thus, the best bet of any selling is when Sandbox price manages to climb back up by 105% to tag $1.34 or rise by at least 70% to touch $1.10. That is when the rally could face some pushback and halt as investors could sell.

Sandbox GIOM

Sandbox GIOM

But this would be stopped if short-term rises incite SAND holders to dump their holdings. A hint of this behavior can be witnessed in the tokens moved in the past 24 hours. About 78 million SAND valued at $48.4 million at current price entered the exchange wallets, bringing the total exchange balance to 465 million SAND.

Sandbox exchange balance

Sandbox exchange balance

This exhibits some bearishness among investors and a tendency to likely sell their tokens after the altcoin witnessed a 21% rally in the past three days. If this behavior continues, Sandbox price might find difficulty in even breaching $0.70.




Source link

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top