Sandbox (SAND) price trades with negative bias on Wednesday. SAND has faced multiple upside hurdles after surging 55% from January’s lows at $2.56. Furthermore, Sandbox price is in the process to break the downtrend that started in December as Investors are gathering momentum near the lower levels.
- SANDBOX (SAND) price trades on a lower note on Wednesday.
- Expect further upside above the close of 0.5% Fibonacci Retracement.
- However, the downside remains intact below the $3.6 support zone.
Sandbox face stiff resistance near $5.0 on the daily chart
Sandbox price has been trading lower after testing the ATH on November 25 at $8.48. Buyers took some breather toward the 0.5% Fibonacci retracement level at $4.62. Once again price flipped this level while taking an upside ride from the swing lows of $2.56.
Now, SAND bulls need some retracement to break the stiff resistance barrier as it is already remained pressured below the 50-day Simple Moving Average (SMA) at $4.42. The immediate upside target could be found at the 0.618% Fibonacci retracement level of $5.48.
Further, a decisive close above the $6.0 psychological level could see next in line highs of December 26 that is placed at $7.0.
On the flip side, if SHIB fails to hold the support placed near the 0.382% Fibonacci Retracement of $3.6 then it will invalidate the bullish theses and open the gates for the lower levels. Investors could retest the swing lows of $2.56.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) sliced below the average line to trade at 46. This indicates the selling pressure remains intact in the pair.
MACD: The Moving Average Convergence Divergence (MACD) trades neutral near the central line.
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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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