The Sandbox worth is getting ready for a robust upswing that might take the token to a excessive of $3.280. A transparent breakout above $2.44 would see SAND uncover a large bullish narrative. Fb’s Meta rebrand present optimistic sentiment that might positively influence SAND.
The Sandbox worth is ready for a 55% transfer upwards after the emergence of a bullish sample on the hourly chart. The digital gaming token seems to be bolstered by the latest announcement that Fb was rebranding to Meta, affirming the tech big’s ambitions to transcend on-line social media to construct a metaverse.
Sandbox worth cup and deal with Sample Targets $3.28
On the time of writing, SAND/USD is buying and selling at $2.11 and seems to have spelt out a cup and deal with chart sample on the hourly chart, suggesting a 55% rally upwards ought to the chart sample be confirmed. The bulls are battling fast resistance on the $2.160 stage.
Earlier immediately, Sandbox examined the October 31 excessive round $2.44. This suggests that the bulls are decided to regain the multi-hour SAND worth losses. This bullish bias is presently secured by the help base on the $1.95 psychological stage forming the proper facet of a cup and deal with chart sample.
SAND/USD Hourly Chart
Word that the measured transfer of the cup and deal with sample for the Sandbox worth is 39% suggesting a worth goal of $3.280.
SAND must breakout above the October 31 excessive of $2.444 and the deal with excessive of Monday November 01 at $2.26 to beat the promoting stress and take SAND worth out of the deal with. If this occurs, the chances of an upward swing in direction of $3.280 will improve. This may characterize a 55% rally from the present worth. This upswing will nevertheless be met by resistance across the $2.12 and $2.20 resistance ranges.
This bullish Sandbox worth prediction is accentuated by the upsloping transferring averages and the upward motion of the RSI.
On the flipside, if SAND worth slips beneath the $1.95 fast help stage, the chances for a deeper correction would improve that will see Sandbox worth drop beneath the $2.0 mark in direction of the 50-, 100- and 200-day SMAs at $1.790, $1.437 and $1.1224 respectively.