The Sandbox price is preparing for a powerful upswing that could take the token to a high of $3.280. A clear breakout above $2.44 would see SAND uncover a massive bullish narrative. Facebook’s Meta rebrand provide positive sentiment that could positively impact SAND.
The Sandbox price is waiting for a 55% move upwards after the emergence of a bullish pattern on the hourly chart. The virtual gaming token appears to be bolstered by the recent announcement that Facebook was rebranding to Meta, affirming the tech giant’s ambitions to go beyond online social media to build a metaverse.
Sandbox price cup and handle Pattern Targets $3.28
At the time of writing, SAND/USD is trading at $2.11 and appears to have spelt out a cup and handle chart pattern on the hourly chart, suggesting a 55% rally upwards should the chart pattern be confirmed. The bulls are battling immediate resistance at the $2.160 level.
Earlier today, Sandbox tested the October 31 high around $2.44. This implies that the bulls are determined to regain the multi-hour SAND price losses. This bullish bias is currently secured by the support base at the $1.95 psychological level forming the right side of a cup and handle chart pattern.
SAND/USD Hourly Chart
Note that the measured move of the cup and handle pattern for the Sandbox price is 39% suggesting a price target of $3.280.
SAND needs to breakout above the October 31 high of $2.444 and the handle high of Monday November 01 at $2.26 to overcome the selling pressure and take SAND price out of the handle. If this happens, the odds of an upward swing towards $3.280 will increase. This will represent a 55% rally from the current price. This upswing will however be met by resistance around the $2.12 and $2.20 resistance levels.
This bullish Sandbox price prediction is accentuated by the upsloping moving averages and the upward movement of the RSI.
On the flipside, if SAND price slips below the $1.95 immediate support level, the odds for a deeper correction would increase that would see Sandbox price drop below the $2.0 mark towards the 50-, 100- and 200-day SMAs at $1.790, $1.437 and $1.1224 respectively.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.