After months off the radar, Sandbox (SAND) is showing impressive signs of awakening. Once a favorite of the last bull run, this gaming & metaverse project seems poised to play a major role again. Dive into the technical signals to watch.
The Sandbox (SAND) is currently at a critical point in its evolution. It shows encouraging signals of a potential trend reversal. The formation of a double bottom, a classic bullish chart pattern, suggests that the previous bearish phase might be coming to an end. If the price manages to break and maintain above the resistance level of $0.42, this could trigger a rapid acceleration towards the $0.60 zone.
The technical analysis highlights the formation of a double bottom configuration on Sandbox, a chart pattern often observed at the end of a bearish trend. This structure is forming near the long-term support located at $0.22. It has the potential to mark a major market reversal. If this formation fully materializes, it will invalidate the previous bearish structure. It will also reinforce a change in dynamics in favor of a bullish continuation.
The Sandbox price has recently reclaimed the point of control, a zone representing the highest transaction volume and now playing a role as solid support. After several candle closures above this level, buyers seem to have regained ground.
The next major obstacle is at $0.42. A clear and sustainable breakout above this resistance could pave the way for a rapid expansion. We would be heading toward the 0.618 Fibonacci retracement level, or approximately $0.60. This breakthrough would be a strong signal of a significant change in market structure, heralding new upside opportunities.
As long as Sandbox maintains higher lows and stays above the point of control, the bullish double bottom configuration remains valid. Reclaiming the key resistance at $0.42 would be an important catalyst, allowing for an accelerated progression toward $0.60. This zone, reinforced by a Fibonacci level, should then constitute the next major resistance area if buyers maintain the advantage.
Volume will be a determining factor to confirm the strength of this bullish momentum. A sustained or increasing influx of buying volumes would be an encouraging signal, validating the double bottom formation and ensuring the maintenance of buying pressure beyond resistance levels.
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