SAND Price Analysis: Sandbox (SAND) Price Attempts to Break $2.45 As 4 Hr Chart Reveals Hidden Bullish Divergence

SAND Price Analysis: Sandbox (SAND) Price Attempts to Break $2.45 As 4 Hr Chart Reveals Hidden Bullish Divergence

Facebook’s recent rebranding to META endorses the metaverse, consequently leading to a surge in the price of metaverse-related crypto projects such as SAND, AXS, and MANA. The social media giant shifts its long-term focus from messaging and social media to immersive 3D virtual environments. Let’s analyze the SANDUSDT price chart for significant chart patterns, trends, support, and resistance levels.

SAND Price Analysis: Weekly Chart

The SAND token records a new all-time high in the fourth quarter of 2021 following a hidden bullish divergence pattern on the weekly chart above. Bullish momentum persists on the weekly time frame of the SANDUSDT as the relative strength index records higher readings above level-75 and level-25.

We anticipate a price pull-back, however, we’ll have to move down to the lower daily and 4HR time frames to see if we can enter at oversold levels.

SAND Price Analysis: Daily Chart

The daily time also shows an uptrend for the SANDUSDT as the RSI records higher numbers above level-25.

A sudden price close above the 26 October ’21 resistance confirmed the decision to take a long position and a price surge to the upside. Meanwhile, we still anticipate a price correction and we’ll have to move to the lower 4HR time frame for clues into the price pull-back.

SAND Price Analysis: 4 Hr Chart

The 4HR intraday time frame reveals entry price levels where the RSI plunged below level-25 on 17 October 20:00 and 27 October 08:00.

A series of hidden bullish divergence setups with the most recent on 31 October 16:00 suggest that the SAND token may have found a price floor at 1.4422 and is set to resume the uptrend towards the $2.450 resistance.

However, the 1HR time frame signals a regular bullish divergence upon exiting the oversold area.

With that said, we expect the uptrend to continue from the intraday time frames.

Source

Subscribe to get our top stories