2022-3-11 01:48 |
Sandbox (SAND) has been bouncing positively in the last few days. News that the US is going to launch a digital dollar improved sentiment in the market. Most coins, including SAND, saw bumps in value. But an emerging RSI divergence could suggest that SAND could in fact surge further ahead. Here are some highlights:
Despite pulling back slightly, SAND still remains above the crucial support of $2.74.
The metaverse token was trading at $2.81 at the time of writing this post.
The RSI shows a crucial divergence that could push the price further in the days ahead.
Data Source: Tradingview
Sandbox (SAND) – How far can it go?Sandbox (SAND) has come under severe selling pressure in the last few weeks. But the coin has maintained its monthly support of $2.74. Although there is still a lot of volatility in the market, we expect SAND to keep price action above that point. At press time, the coin was actually trading at $2.81.
The $2.74 mark, at least looking over the last month, has also been a crucial consolidation zone. If indeed SAND is able to consolidate gains above it, there could be an upside towards the next overhead resistance of $3.42.
But despite this, SAND still remains lower than its 50 and 100-day daily moving averages. The coin is even lower than the 200 DMA. This suggests the overall trend remains bearish at best. In fact, if bulls don’t hold the $2.74 support, SAND could fall below $2 in no time.
Is Sandbox ideal for any investor?Well, it really depends on your investment plan. For folks who want some exposure on the metaverse and related tokens, then SAND is a good buy. Remember, this was one of the top-performing coins in 2021, and it could return the same gains this year. It's therefore an ideal coin to purchase today.
The post Sandbox (SAND) shows positive RSI divergence – Is a bullish breakout coming? appeared first on Coin Journal.
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