The Sandbox (SAND) Price Tests Key $0.22 Support After Months of Sideways Trading

Key Takeaways

• SAND’s bear cycle may be nearing its end.
• Support at $0.22 is critical for a reversal.
• The potential downside target is $0.15 if support fails.

Since its all-time high in November 2021, The Sandbox (SAND) has experienced a prolonged bear market, marked by a steady decline and recent consolidation around the $0.22 support level.

While the price has moved sideways since August, technical analysis suggests SAND may be close to completing its extended bear cycle.

Whether SAND bounces from its key support or breaks down further will likely determine its next major direction.

SAND Price Analysis 

The price of SAND made its all-time high of $8.35 on Nov. 24, 2021, after which it started a long-lasting bear cycle.

At first, it fell to $0.76 on June 18, 2022, and attempted to make an upturn but continued its downward trajectory. 

On Oct. 16, 2023, it fell to $0.27, concluding its Y wave with a chance of ending its bearish phase.

However, after recovering to $0.80 on March 11, it started moving to the downside, making a lower low of $0.22, landing on the key horizontal support on Aug. 5. 

Since August, SAND has been moving sideways and is now once again retesting this horizontal level. Although the daily chart Relative Strength Index (RSI) still isn’t indicating oversold conditions, there is a strong possibility that SAND is near completion of its long-lasting bear cycle, ending as a complex WXYXZ correction count. 

If true, the consolidation from Aug. 5 should now end with a strong bounce from the horizontal support and the first impulsive uptrend. However, a fall below the $0.22 area is still possible. 

SAND Price Prediction 

Looking at the hourly chart and examining the wave structure behind August’s sideways move, we can see that the count is most likely corrective ABCDE. This could be a higher-degree wave 4 from the downward five-wave impulse. 

If this is true, from its ending point of $0.29 on Oct. 19, the final wave to the downside started developing and has more room to go.

SAND could continue moving further down to its next target of $0.15.  

On the other hand, if we see a bounce from the $0.22 support, SAND will likely end its last wave and start a bull phase, although further confirmation is needed. 

Overall, there aren’t currently any major bullish signs. With the price in consolidation from August, there is an equal possibility of an upturn as of further decline.

The interaction with the $0.22 price level is the first significant indicator. 

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

See more

[email protected] LinkedIn