Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.
The Sandbox has seen some demand for its token SAND over the previous month. Bitcoin noticed a good bounce in July. Nevertheless, SAND was in an upward development on decrease timeframes for the reason that final week of June, because the patrons initiated a restoration from the drop to $0.7. Since then, the $0.96 and $1.27 resistance ranges had been each flipped to assist. Might the momentum proceed, or has demand dried up?
SAND- 12-Hour Chart
In Could, SAND held on to the $1.27 assist degree and established it as an necessary degree for the bulls. Thereafter the worth fell beneath it in June, however a few weeks into July SAND has already been hauled again above the identical degree.
In late June, the cyan space at $1.2 highlighted a bearish order block, which has since been flipped to a requirement zone. The upper timeframe Relative Power Index (RSI) has additionally been above impartial 50 for the previous three weeks.
Taken collectively, the momentum was concluded to favor the bulls over the previous month and a half. When it comes to worth motion as effectively, the worth has set a sequence of upper lows and better highs since mid-June.
SAND- 4-Hour Chart
Zooming in on the four-hour timeframe, we will see two waves upward for SAND from mid-June. One rally took SAND from $0.8 to $1.3, and a subsequent pullback to $0.95. One other push larger was from $0.95 to $1.49.
Primarily based on the latter transfer, a set of Fibonacci retracement ranges was plotted. The 38.2% retracement degree sat at $1.288 and had confluence with the cyan demand zone, in addition to the $1.27 assist degree from Could.
Certainly, SAND has revered the 38.2% degree as assist so far. Nevertheless, it has additionally shaped a decrease excessive over the previous few days. On a decrease timeframe, this urged weakening shopping for strain. Nevertheless, on the four-hour timeframe, the bulls may be thought of to carry sway as long as the $1.27-$1.25 space was defended.
The indications additionally leaned in favor of the bulls. The RSI has been above impartial 50 over the previous ten days, whereas the On-Steadiness Quantity (OBV) noticed an enormous surge upward just a few days in the past. The RSI confirmed the momentum to be bullish, though it stood in impartial territory at press time.
The OBV additionally mirrored vital shopping for quantity previously few days. Nevertheless, the Chaikin Cash Movement (CMF) was in disagreement. The CMF dipped sharply beneath the -0.05 mark to point out hefty capital circulate out of the market.
The worth motion highlighted the $1.27 assist degree to be vital. Bitcoin has confronted rejection at $24.2k. If it may well defend the $22k space and type a better low, it may probably proceed to push larger. This in flip would positively have an effect on The Sandbox native token SAND.