Sandbox (SAND) price rises for the second straight day on Saturday. SAND has rallied more than 65% from the January 22 lows. However, the extent of this rally is expected to reach its saturation point at the 0.50% Fibonacci retracement.
- Sandbox (SAND) price extends the previous session’s gains on Saturday.
- More upside if the price gives a decisive close above 0.50% Fibonacci retracement.
- The momentum oscillator supports the current upside momentum.
As of press time the SAND is trading at $4.24, up 5.83% for the day. The 24-hour trading volume stands at $1,353,446,561 with more than 80% gains.
Sandbox landed investments from Softbank
The Sandbox is a 3D blockchain-based Metaverse. The fundamental reason behind the recent rally is the announcement from Web3 upcoming LAND sale scheduled for February 10th. The sale will include over 550+ LAND, 8 ESTATE auctions, and Premium NFTs.
SAND keeps eye on 0.382% Fibonacci retracement
On the daily chart, the Sandbox (SAND) price has fallen below the 0.618% Fibonacci retracement level, which is extending from the lows of $0.749 at $2.83.
Source: Trading view
Furthermore, the upside momentum got support from the 200 DMA at $2.58. The double confirmation leads the gains thus pulling up the price in an upward trajectory.
The Daily Relative Strength Index (RSI) trades at 50 supporting the current upside momentum. The upward slope in the momentum oscillator could push up the price of $0.382 Fibonacci retracement at $5.58.
Now the price has moved up to the 0.5% Fibonacci retracement at the current levels.
However, the ‘double top’ formation, which is a bearish reversal pattern near $4.50. The price could retreat toward the $2.84 level.
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