By Franklin Smith
- SAND price formed a daily demand zone between $4.21 and $4.77 as the token gained 23% from 10 January to 12 January.
- The resulting uptrends have corrected to hit the mentioned barrier, planning a 25% upswing towards $6.
- Violating the support level at $4.21 will cancel SAND’s bullish narrative.
Sandbox (SAND) price printed a base for buyers to launch a bullish rally. Surprisingly, the metaverse token has a critical barrier that might support the anticipated upswings for the alternative coin.
SAND Price Prepares for Higher Moves
SAND had its price escaping the demand territory in the $4.21 – $4.77 range as the coin gained almost 23% between 10 January and 12 January. Meanwhile, the uptrend could not process amid weak bullish momentum, translating to a slight retracement, tagging the mentioned barricade twice.
The recent retest remains in place and might lead to an upward rally. Market participants could expect SAND to retest the resistance barrier at $5.52 first, confirming a 16% upsurge.
Overpowering this obstacle will clear the road for Sandbox to retest a critical psychological zone near $6, the level where the coin might form a local top. Meanwhile, the token’s mid-term picture shows market makers may push SAND higher to $7 and collect buy-stop liquidity beyond the double top setup. Nevertheless, market players need to beware that this aim may emerge in a long to medium-term outlook.
Though the bullish narrative, SAND price should maintain beyond the recently created demand region that extends between $4.21 and $4.77. Keeping this support barrier is vital for the anticipated uptrend.
Nevertheless, a 4hr candle close beneath the support level of $4.21 will produce a lower low, authorizing bearish favoritism. Such a scenario will likely see amplified selling pressure, canceling the bullish case for Sandbox. That way, the metaverse coin might drop towards $4.08, then $3.88. Here, buyers would have a chance to kick-start an uptrend.
Meanwhile, SAND seems ready for an upward journey. The altcoin corrected, nearing a support barrier that might sustain a 25% run-up towards $6. Optimistic analysts believe the coin can extend the upward move to the $7 mark. Let us wait for what the coming trading sessions have. Stay tuned.
Editorial credit: Ira Lichi / shutterstock.com
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