- The Sandbox (SAND) token’s bullish momentum is aiming to reclaim the $1 mark, with price targets set at $1.44
- On the 4-hour chart, the Sandbox price action reveals a bullish breakout from a rounding-bottom pattern, surpassing the neckline at $0.80 before breaking above $1
- The Fibonacci levels suggest the next price targets are $1.118 and $1.4496, indicating an upside potential of 55%
The Sandbox (SAND) token is garnering interest as it approaches the $1 mark. With its bullish momentum and market analysis indicating a potential target of $1.44, it’s worth examining if this trend can sustain.
The Current Market Scenario for Gaming Tokens
A month ago, the market capitalization of gaming tokens was only $15.62 billion. However, amid the broader market recovery, this valuation has now surged to an impressive $34.85 billion. Leading the pack with more than 2x rally are top-performing gaming tokens Sandbox, Gala Games, and Decentraland Mana.
The Bullish Trend of Sandbox Token
The Sandbox price has risen by 1514% over the past 24 hours, making it one of the top-performing tokens. Over the past week, it has gained over 50%, reaching a market cap of $2.25 billion. As it inches closer to the $1 psychological mark for the second time, it’s worth exploring whether the bullish trend will catapult its value to $1.44.
Sandbox Price Analysis
On the 4-hour chart, a bullish breakout from a rounding-bottom pattern is evident in the Sandbox price action. This rally began after a bounce back from the 50MA line at $0.6123 and surpassed the neckline at the $0.80 level before breaking above the $1 psychological barrier. In the past 24 hours, the Sandbox price peaked at $1.06629 before pulling back slightly.
Current Trading Position and Future Targets
Currently, Sandbox is trading at $0.9325 as it attempts to reclaim the $1 milestone. The bullish surge in buying pressure has pushed the RSI lines toward the overbought territory. Additionally, the positive alignment of the key exponential moving average lines continues to provide dynamic support.
With the rounding-bottom reversal in place, the uptrend is currently trading between the 61.80 and 78.60 trend-based Fibonacci levels. A breakout above the 78.60 level at $1.003 will extend the ongoing rally. The Fibonacci levels suggest the next price targets are $1.118 and $1.4496, indicating an upside potential of 55%.
Conclusion
While the bullish trend of Sandbox is promising, key support levels remain at $0.8496 and $0.7863 in case of a bearish turn. As always, readers are encouraged to conduct thorough research before making any investment decisions. As the crypto market remains volatile, it’s important to remember that any financial losses are not the responsibility of The Crypto Basic.
