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Sandbox (SAND): Traders Going Long Might Consider This Area

  • Sandbox witnessed a substantial resistance at around $0.8 over the past day.
  • SAND remained near June lows, highlighting further declines in the coming times.

Sandbox’s price chart has presented a phenomenon that crypto investors have seen since 2017. That means a massively bullish token that records triple-digit surges, then a 6-month downside where declines erase nearly all the gains.

SAND has remained on that road. Over the last five months, the asset’s price action witnessed a rebound to $1.5, and August’s selling pressure dashed recovery hopes.

No Positive Reaction for Bullish Order Block

Sandbox recorded some revival from $0.73 following massive declines in May & June. Meanwhile, the subsequent rally saw the asset price climbing to $1.49. That indicated a 105% surge for SAND within a month.

Also, the on-balance volume and the Relative Strength Index noted upswings in this timeframe. Nevertheless, SAND failed to break past $1.5. the decline below $1.2 flipped Sandbox’s 24hr market structure to bearish again, and it maintained such tendencies during this publication.

The Relative Strength Index stayed beneath the 50-neutral and supported downtrends. Also, the OBV plunged, showing seller dominance within the past few weeks.

The mid-June rebound witnessed a bullish order block emerging on the charts, though a retest to the region didn’t print a massive bullish response from the alt. A dip under $0.73 might see SAND plunging to the 0.236 extension mark at $0.55.

Development Activity Down Amid Mild Network Growth Recovery

SAND’s development activity has printed several lower highs since March. Though gradual reductions surfaced, the lows it formed within the previous year were somewhat similar. Thus, it signaled continued development on the network, and investor confidence can escape drastic hits.

Nevertheless, the network growth index didn’t support much confidence in the previous year. The platform has recorded low growth since December, incorporating sudden, sharp increases in new addresses.

Meanwhile, the network growth noted some gains over the last week. Time will tell whether the blockchain will extend these gains. Also, SAND investors should watch broad market sentiments for informed decisions.

The crypto spectrum noted bullish actions during this publication. The crypto market capitalization gained 2.98% over the past day to $1.01 trillion.