Sandbox (SAND) broke through the $1 mark yesterday and is continuing its rise today. The current all-time high (ATH) was recorded at $1.20, but if the momentum of the breakout continues, much higher targets are possible.
Sandbox (SAND) broke through the $1 mark yesterday and is continuing its rise today. The current all-time high (ATH) was recorded at $1.20, but if the momentum of the breakout continues, much higher targets are possible.
Sandbox is another altcoin from the blockchain-based video game industry and non-fungible tokens (NFTs) that is seeing big gains this month. In the previous 30 days, Axie Infinity (AXS) and My Neighbor Alice (ALICE) have seen 74.5% and 44% growth respectively.
SAND gains 715%
The historical ATH for Sandbox was set at $0.9 on March 28, 2021 (orange circle). The altcoin then experienced an 84% decline to find a bottom at $0.15 on 22 June.
Since then, the price has formed a bullish double bottom pattern (blue arrows) and an uptrend has begun. SAND approached the ATH again on 24 July, but the peak was reached at $0.85. The token again experienced a 34% correction.
However, since last week Sandbox has resumed its upward movement, and yesterday it successfully broke through both the historical ATH and the $1 barrier. Today, the price briefly reached $1.20, setting a new all-time high. Measured from the aforementioned low of 22 June, SAND has generated 715% upside in 69 days.
The ongoing breakout was confirmed by a clear increase on the volume signature and bullish readings from technical indicators. The RSI has quickly entered bullish territory, while breaking through the falling resistance line (green arrow). MACD is rising dynamically and the stochastic oscillator is breaking above the 80 line.
Cup and handle
A strong breakout confirmed by volume and technical indicators makes a continuation of the increases during the coming days likely. Cryptocurrency trader @hey_shortman tweeted a chart of SAND in which he points to a cup and handle pattern.
The movement target for this pattern is the $1.55 level, which is obtained by a 1:1 projection of the cup’s height (blue line). This target coincides with the external 2 Fib retracement and may represent the top of the current upward impulse.
The potential reaction area is the $1.28 area at the external 1.618 Fib retracement. The next target, on the other hand, is the area around $2, which corresponds to the external 2.618 Fib retracement.
SAND/BTC
The SAND/BTC pair is also providing bullish readings. It is currently in the area of the all-time high set on 24 July at 2493 satoshi (yellow line). Today, the price validated this level as resistance.
The structure of the long-term trend is upward. We see higher lows (HL) and higher highs (HH). Also, technical indicators provide bullish signals and are twinned with those of the SAND/USD pair.
Thus, if the momentum of the breakout is maintained, the Sandbox could reach a new ATH also in the pair to BTC. The two main targets for such a move are 3270 and 3750 satoshi, which correspond to the external 1.618 and 2 Fib retracement.
For BeInCrypto’s latest BTC (BTC) analysis, click here.
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