According to analysts, there is a crucial support level to form a bullish rally in Metaverse coin Sandbox (SAND) price. Sandbox price broke out of a demand zone, from $4.21 to $4.77, as it rose nearly 23% between Jan. 10 and Jan. 12. There was no bullish momentum for this uptrend to continue, resulting in a minor pullback that marked the aforementioned barrier twice.
Traders can wait for Sandbox price to retest the $5.52 resistance barrier first, which would signal a 16% uptrend. According to Anslits, breaking this resistance will pave the way for Sandbox price to retest a key psychological level at $6 that is likely to form a local top.
The medium-term outlook for the metaverse coin shows that market makers will push the SAND above $7 and higher to gather the buy-stop liquidity standing above the double top formation. However, market participants should keep in mind that this target will be realized in a medium and long-term outlook.
Regardless of the bullish outlook, the metaverse coin price needs to stay above the recently formed demand zone and move from $4.21 to $4.77. Holding this support area is the key to shaping the uptrend.
However, a four-hour candlestick closing below the $4.21 support level will create a lower low and shift the odds in favor of the bears. This development could witness massive selling pressure and invalidate the bullish thesis for the metaverse coin. This development could trigger a drop to $4.08 or $3.88, where Sandbox buyers could try another uptrend.
The Sandbox Price and Market Data
The Sandbox price is $4.82 today and the 24-hour trading volume is $379,908,787. Price is down -1.5% in the last 24 hours. There is a circulating supply of 920 Million SAND coins, with a total supply of 3 Billion coins. Digifinex is currently the most active market where this is traded.
The Sandbox is a community-driven platform where creators can monetize voxel ASSETS and gaming experiences on the blockchain. SAND is the utility token used throughout The Sandbox ecosystem as the basis of transactions and interactions. It is an ERC-20 utility token built on the Ethereum blockchain. There is a finite supply of 3,000,000,000 SAND.