Will Sandbox Coin Grow 2x In Early 2023?

The recent parabolic growth in the Sandbox coin price gave a massive breakout from the long-coming falling channel pattern. After facing multiple reversals from the pattern’s resistance trendline in the past six months, this bullish breakout hints at an early sign of trend reversal. Here’s how this chart pattern may influence the further price of SAND.

Key points: 

• A bullish breakout from the channel patterns resistance trendline may set the SAND price to $1.5
• A breakdown back below the trendline will weaken the bullish thesis.
• The intraday trading volume in SAND price is $409.6 Million, indicating a 10% loss.

Source- Tradingview

The recent V-shaped recovery from the combined support of $0.38 and the pattern’s support trendline triggered a parabola rally in Sandcoin price. Amid this recovery, the altcoin price surged 83.5℅ to reach the current market value of $0.7.

Moreover, the rising SAND price breached multiple resistances and, just recently, the upper trendline of the channel pattern. This breakout shall offer suitable support for buyers to prolong the bullish rally. 

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However, today, this altcoin is 3% down and triggered a minor pullback to stabilize the excess buying. This downfall may test the breached trendline and validate its sustainability above it.

Thus, the post-retest rally may surge the sand price 15% higher to reach the $0.8 barrier. However, in theory, the channel pattern breakout may encourage a price rally to the highest swing top in the pattern. Therefore, in a favorable bullish scenario, the SAND price may rise 114% higher to it hits $1.5

Technical indicator

MACD: the MACD and signal slopes rising high into the bullish territory reflect the market sentiment is gaining positive sentiment toward sandbox coins.

Bollinger band: the rising SAND price constantly hits the upper band of the indicator, reflects the buying activity is aggressive for the given time. This, a minor pullback, is required to stabilize the ongoing trend.

Sandbox coin price intraday levels

• Spot price: $0.69
• Trend: Bearish
• Volatility: Low
• Resistance level- $0.8 and $1
• Support level- $0.645 and $0.53.