The Sandbox price analysis: SAND breaks above $7, gaining 40 percent more

0
14

TL;DR Breakdown

  • The Sandbox price analysis is highly bullish today.
  • The Sand is in overbought status.
  • Sand may start correcting in the coming hours.

The Sandbox price analysis reveals the cryptocurrency has broken above the $7 psychological mark today. Sand is highly bullish and has been in an overbought state since 16th November, but the buying trend is showing no signs of cooling down. The market is bursting with buyers as SAND continues to rally higher.

SAND went through correction on 20th and 21st November but maintained its price above $4. SAND again started to rally high on 22nd November, and today on 24th November, it made the highest jump. Such an increase in SAND’s price value has never been observed before as it spiked from $5.29 to the current price level of 7.62 today, gaining massive value.

SAND/USD 1-day price chart: SAND bulls mark 40 percent gains

The 24-hour The Sandbox price analysis shows the cryptocurrency price has jumped high overnight, as the crypto pair is trading hands at $7.62 at the time of writing. Today SAND traded in a range of $5.1 to $8 overall. The Sandbox also shows a monstrous gain of 40 percent over the last 24 hours and a whopping increase in value of 125 percent over the past week. The trading volume has also surged by more than 75 percent, resulting in market dominance of 0.27 percent.

The Sandbox price analysis: SAND breaks above $7, gaining 40 percent more 1
SAND/USD 1-day price chart. Source: Tradingview

The SAND also shows high volatility as it continues to cover the range upwards. The upper Bollinger band has reached $6.1, which also represents support for SAND, and the lower band is at the $0.9 mark. The mean average of the indicator is forming at $3.5, representing the second line of support for the crypto pair.

The relative strength index (RSI) also reports overbuying of SAND as it continues to trade in the overbought region reigned by bulls, but the RSI has gone quite high towards index 88, so technically, bulls may get tired in the coming hours, and SAND may start correcting.

The Sandbox price analysis: Recent developments and further technical indications

The 4-hour The Sandbox price analysis shows that the cryptocurrency, after breaking out upwards today, continued upside for eight hours, then corrected for four hours and continued upside again, which continues till now as the SAND bulls rally is still undergoing.

The Sandbox price analysis: SAND breaks above $7, gaining 40 percent more 2
SAND/USD 4-hours price chart. Source: Tradingview

The volatility is also high on the 4-hour chart as the Bollinger bands continue to diverge with the upper band at $7.5 representing support for the cryptocurrency, and the lower band is at $2.89, the vast expansion of the indicator gives a glimpse of the volatile situation. The moving average is at $6.2, and the RSI is at index 85 in the overbought region and still shows a slight upwards curve hinting at the continued buying activity in the market.

The Sandbox price analysis: Conclusion

The Sandbox price analysis suggests the bulls are successfully carrying the lead as the crypto pair continues to gain immense value beyond speculations. Currently, SAND is the highest gainer among the top 100 cryptocurrencies for today. If SAND continues to rally high, there exist ample chances for it to break above $8 today. On the contrary, if SAND corrects, traders can expect it to float above $7.