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The Sandbox initiated a new surge after finding stronger support at the $0.4000 mark. In the ongoing session, there’s a notable price increase of over 8.15%, but it’s evident that the current session is facing some rejection. While retaining most of today’s recorded profit, let’s assess if the bulls still have a fighting chance.
Key SAND Statistics:
Current Basic The Sandbox Value: $0.5673
SAND Market Cap: $1,172,466,110
SAND Circulating Supply: 2,101,731,926
Total Supply of The Sandbox: 3,000,000,000
SAND CoinMarketCap Ranking: 61
Key Price Levels:
Resistance: $0.5673, $0.5700, and $0.5800
Support: $0.5600, $0.5500, and $0.5400
SAND Stays Above the $0.5000 Mark
As mentioned earlier, the ongoing session in the Sandbox market has witnessed a price increase of more than 8.15%. While there is still optimism in price action trading above the highest band of the Bollinger Bands indicator, downward corrections are noticeable.
Nevertheless, the Moving Average Convergence Divergence (MACD) indicator lines suggest that bullish momentum remains intact. The MACD lines are steeply projected upwards, and the bars of the indicator continue to grow taller, maintaining a solid green appearance. This indicates that buyers are still numerous and possess considerable strength.
The Sandbox Bulls Face Resistance Headwinds
In the SAND 4-hour market, a brick wall has been encountered, resulting in a minor downward correction. However, the last two price candles have stayed at almost the same level, suggesting that buyers are creating a counterbalancing effect, neutralizing any significant downward correction.
Additionally, the MACD indicator lines continue to rise upwards above the equilibrium level, presenting optimism despite the downward correction. Although the bars of the MACD is now pale green, they appear above the equilibrium level. Therefore, while traders can still anticipate a retest of the $0.6000 mark, positioning a good exit at a convenient price mark is advisable.
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