Over the course of the previous day, Bitcoin prices struggled mightily to maintain themselves above the $19.8K mark. In the meantime, bullish efforts continued to bear fruit as recent hours witnessed Bitcoin’s value surge above the $21,000 threshold. The level of immediate resistance is at $23.3K. In the meanwhile, sustained increases in Bitcoin’s price would lead to temporary price increases in alternative markets.
One of the alternate tokens that are currently riding enhanced waves is sandbox. In recent hours, SAND has shown some movement, as evidenced by a price increase that has taken it past the $0.89 threshold. At $0.97, the resistance zone for the metaverse token is difficult to overcome.
Sandbox 1Hr Timeframe
In the most recent two weeks, market watchers have plotted Fibonacci retracement zones based on the price activity of Sandbox, which has ranged from the $1.4 mark to $0.73. In accordance with the FIB levels, the 23.6 and 38.2 percent retracements should be located around $0.89 and $0.98, respectively.
These numbers indicate that there is significant opposition to the altcoin. As this story is being published, SAND has successfully crossed the $0.89 threshold. In the meantime, the regional high point for Sandbox is $0.97. During the most recent downward trend, it showed that SAND charts reached a lower high. In addition, a bearish market structure was present at the time of its publishing.
Even though the alternative cryptocurrency was able to overcome the barrier located at $0.89, it has to break through the resistance located at $0.97 in order to initiate a bullish trend in the near future. In addition, the value region ranging from $0.96 to $1 presented a significant obstacle throughout the preceding week. As a result, devotees should prepare themselves for disappointment.
On the one-hour chart, momentum indicators displayed bullish flashes. As long as the Relative Strength Index maintained above 50, it served as support. That demonstrated the choice of the purchasers. In addition, the Awesome Oscillator maintained its position above the zero level, indicating an upward momentum.
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Despite this, A/D continued to be a source of concern for buyers of SAND. In recent days, the indicator has continued to advance in a southern direction. Even if prices went raised, the A/D did not yet show any signs of improvement. This is due to the fact that the volume of purchases remained low. As a result, it is possible that SAND’s rise to $0.97 will be met with resistance, which could result in a downward leg in the days to come.
A Closing Reflection
In spite of the fact that Sandbox’s shorter period indicators showed signs of bullish momentum, the market for the altcoin has become less active over the previous several days. An increase in demand is expected to materialize prior to SAND presenting a definitive upside. On the other hand, $1 acts as a psychological barrier for the asset. If you were to flip this level, it would suggest that the rise would continue. If this scenario does not play out, investors should be ready for a pullback into the $0.8 – $0.75 range.