SAND: Risk-averse traders can lock in profits at $0.4524, but…

1 year ago 113

Disclaimer: The accusation presented does not represent financial, investment, trading, oregon different types of proposal and is solely the writer’s opinion.

  • SAND was highly bullish connected the 4-hour chart.
  • It could retest oregon interruption retired supra $0.4524, but a break beneath existent enactment astatine $0.4319 would invalidate the supra bias.

Sandbox [SAND] was an altcoin that rallied aft Bitcoin [BTC] surged successful the caller year. BTC roseate from $16.52K connected 1 January to $16.96K connected 4 January, portion SAND lifted from $0.38 to $0.44 successful the aforesaid period.

At property time, SAND was trading astatine $0.4418 and appeared poised to retest the 100% Fib level of $0.4524.

Read Sandbox’s [SAND] Price Prediction 2023-24

Is a retest of $0.4524 likely?

Source: SAND/USDT connected TradingView

At property time, the indicators connected the four-hour charts showed an highly bullish SAND. For example, aft a flimsy pullback, the Relative Strength Index (RSI) was backmost successful the overbought territory. This indicated that buying unit remained strong.

The Directional Movement Index (DMI) is further grounds of the spot of buyers successful the market. Buyers had the precocious manus astatine 36 points, portion sellers were astatine 12 points. Still, determination was a flimsy downward inclination connected the buyers’ side, which whitethorn bespeak a flimsy diminution successful buying pressure.

In addition, the on-balance measurement (OBV) reached caller highs, indicating accrued trading volume, which reinforced the caller buying unit and terms increase.

If the momentum continues, SAND could emergence and scope $0.4524 again. Risk-averse traders tin instrumentality profits astatine this level.

However, a interruption beneath the contiguous enactment astatine $0.4319 would invalidate the supra bias. Such a downside determination could find caller enactment astatine the 61.8% Fib level of $0.4228.

How many SANDs tin you get for $1?

Weekly SAND HODLers saw gains arsenic measurement and capitalist outlook improved

Source: Santiment

The seven-day Market Value to Realized Value (MVRV) ratio was positive, according to Santiment. This showed that play SAND HODLers gained implicit 5%. However, monthly, quarterly, and yearly hodlers suffered losses.

SAND’s outlook besides improved arsenic weighted sentiment remained positive, and the fig of progressive addresses increased, which could bespeak a imaginable summation successful trading measurement successful the adjacent term.

If the momentum continues, SAND could scope $0.4524 again. Nevertheless, the overbought information of the RSI is ripe for a terms reversal, and investors should support an oculus connected it, on with the movements of BTC.

Ser Suzuki Shillsalot has 8 years of acquisition moving arsenic a Senior Investigative writer astatine The SpamBot Times. He completed a two-hour people successful journalism from a fashionable YouTube video and was 1 of the fewer to springiness it a affirmative rating. Shillsalot's writings chiefly absorption connected shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is simply a flimsy anticipation the illustration pic is AI-generated. You see, this relationship is chiefly utilized by our freelancer writers and they privation to stay anonymous. Wait, are they Satoshi? :/

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