Sandbox (SAND) price trades with a negative bias on Wednesday. SAND has faced multiple upside hurdles after rising 55% from the January low at $2.56. In addition, Sandbox price is in the process of breaking the downward trend that started in December as investors gain momentum near the lower levels.
SANDBOX (SAND) price is trading at a lower note on Wednesday. Expect further upside potential above the 0.5% Fibonacci retracement close. However, the downside remains intact below the $3.6 support zone.
Sandbox faces solid resistance near USD 5.0 on the daily chart
Sandbox price traded lower after testing the ATH on Nov. 25 at $8.48. Buyers took a breather towards the Fibonacci retracement level of 0.5% at $4.62. Once again, the price rocketed this level as it made an upward ride from the swing lows of $2.56.
Source: Trade View
Now SAND bulls need some retracement to break the stiff resistance barrier as it has already fallen below the 50-day Simple Moving Average (SMA) of $4.42. The immediate upward target was found at the Fibonacci retracement level of 0.618% from $5.48.
Furthermore, a decisive close above the psychological level of $6.0 could lead to the next December 26 highs placed at $7.0.
On the other hand, if SHIB fails to hold the support placed near the 0.382% Fibonacci retracement of $3.6, it will invalidate the bullish positions and open the gates to the lower levels . Investors may want to retest the swing lows of USD 2.56.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) cut below the average line to trade at 46. This indicates that selling pressure in the pair remains intact.
MACD: The moving average convergence divergence (MACD) is trading neutrally near the central line.
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This post SANDBOX (SAND) Price Forecast: SAND Must Cross 0.5 Fibonacci Retracement To Hold Highs
was published first on https://coingape.com/markets/sandbox-sand-price-prediction-sand-needs-to-cross-0-5-fibonacci-retracement-to-sustains-highs/
