The broad market saw a bloodbath on Sunday morning, presenting massive liquidations. The latest drawdown didn’t spare any token. Sandbox’s declines below $1.2 opened the road towards a monthly low at this publication.
Buyers will likely respond to this massive crash by ensuring a somewhat tighter phase. Nevertheless, further drops under the support at $0.9625 would translate to extended plunges for SAND in the upcoming sessions. While writing these lines, SAND hovered near $0.9995, losing 18.38% over the previous 24 hours.
Sandbox bears secured renewed strength following reverses from the 5-week trend-line resistance. The southbound journey had the 38.2% and 23.6% FIB levels deteriorating buying efforts amid a bearish check.
Bears catalyzed lower troughs while keeping the baseline at $1.2 for approximately sixteen days. That had SAND printing a downward triangle-like edifice on its four-hour chart. The more than 24% 48hr crash from the pattern dragged Sandbox to its June 12 monthly low.
Naturally, the 20 Exponential Moving Average went south again. Also, selling volumes sees substantial increases, translating to hurdles for buyers to alter the trend to bullish favor. The latest bearish engulfing candles might pull the alt beneath $0.96.
That would see bears targeting the long-term foothold at $0.86. Nevertheless, upside revival motives can see SAND dipping into a constricted phase inside $0.98 – $1.062.
The Relative Strength Index touched 20-week lows at this publication, staying deep within the oversold territory. A possible reversal within the coming weeks will likely position the token for an ultimate rebound.
Moreover, the selling momentum might slightly ease as the Chaikin Money Flow approaches a long-term foothold. Meanwhile, SAND might extend its current sluggishness in the coming days unless the Aroon-up secures a closing beyond 30%.
The crash beneath crucial price levels plus the southbound exponential moving averages has Sandbox’s prevailing bias in sellers’ favor. Meanwhile, oversold conditions on the technical might trigger a squeeze phase for SAND.
Lastly, the altcoin boasts a 54% monthly correlation with Bitcoin. Sandbox enthusiasts should watch BTC’s price movements to complement highlighted technical factors.
Stay tuned for upcoming developments in the crypto world.
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