Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
- SAND was extremely bullish on the 4-hour chart.
- It might retest or escape above $0.4524, however a break under present assist at $0.4319 would invalidate the above bias.
Sandbox [SAND] was an altcoin that rallied after Bitcoin [BTC] surged within the new 12 months. BTC rose from $16.52K on 1 January to $16.96K on 4 January, whereas SAND lifted from $0.38 to $0.44 in the identical interval.
At press time, SAND was buying and selling at $0.4418 and appeared poised to retest the 100% Fib degree of $0.4524.
Learn Sandbox’s [SAND] Worth Prediction 2023-24
Is a retest of $0.4524 possible?
At press time, the symptoms on the four-hour charts confirmed a particularly bullish SAND. For instance, after a slight pullback, the Relative Energy Index (RSI) was again within the overbought territory. This indicated that purchasing strain remained robust.
The Directional Motion Index (DMI) is additional proof of the energy of consumers available in the market. Consumers had the higher hand at 36 factors, whereas sellers have been at 12 factors. Nonetheless, there was a slight downward development on the consumers’ facet, which can point out a slight decline in shopping for strain.
As well as, the on-balance quantity (OBV) reached new highs, indicating elevated buying and selling quantity, which strengthened the current shopping for strain and value improve.
If the momentum continues, SAND might rise and attain $0.4524 once more. Threat-averse merchants can take income at this degree.
Nonetheless, a break under the rapid assist at $0.4319 would invalidate the above bias. Such a draw back transfer might discover new assist on the 61.8% Fib degree of $0.4228.
How many SANDs are you able to get for $1?
Weekly SAND HODLers noticed beneficial properties as quantity and investor outlook improved
The seven-day Market Worth to Realized Worth (MVRV) ratio was optimistic, in accordance with Santiment. This confirmed that weekly SAND HODLers gained over 5%. Nonetheless, month-to-month, quarterly, and annual hodlers suffered losses.
SAND’s outlook additionally improved as weighted sentiment remained optimistic, and the variety of energetic addresses elevated, which might point out a attainable improve in buying and selling quantity within the close to time period.
If the momentum continues, SAND might attain $0.4524 once more. Nonetheless, the overbought situation of the RSI is ripe for a value reversal, and traders ought to regulate it, together with the actions of BTC.