SAND’s reversal odds – Identifying if an upside is likely for its price
The post SAND’s reversal odds – Identifying if an upside is likely for its price appeared on BitcoinEthereumNews.com.
SAND broke out of its falling wedge, signaling potential bullish momentum On-chain data highlighted rising activity and confidence in SAND’s price action The Sandbox [SAND] recently broke out of its prolonged falling wedge pattern, signaling what could be the beginning of a major bullish trend. Trading at $0.2931 after climbing by 12.06% at press time, SAND has seen a surge in both market interest and trading volume lately. In fact, its 24-hour trading volume also soared by 126.45% – A sign of renewed excitement from traders and investors alike. Will this breakout be strong enough to maintain the altcoin’s momentum? SAND chart analysis – What does this breakout mean? SAND’s price chart confirmed a strong breakout above its falling wedge pattern, which had been holding the token in a downtrend for months. Additionally, the Relative Strength Index (RSI) rose to 62.38 – A sign of bullish strength. The Bollinger Bands were widening around the price candles too. These indicators, together, implied higher volatility, which often follows after such breakouts. Consequently, SAND’s price appeared to be entering a new upward phase. However, the token will need sustained buying pressure to confirm its longer-term direction. Source: TradingView Hike in active addresses and transaction count – Bullish support? Additionally, on-chain data from CryptoQuant supported SAND’s recent price surge. The number of active addresses increased by 1.54% over the last 24 hours at press time, bringing the total to 40.66k. This uptick in network activity is crucial as it can be interpreted to mean rising interest in the token. Also, the total transaction count rose by 2.1%, further reinforcing this trend. Simply put, the hike in user engagement suggested that SAND’s rally might not be purely speculative, but one backed by strong fundamentals. Source: CryptoQuant SAND exchange reserve analysis – Lower selling pressure? Exchange…
Filed under: News - @ October 20, 2024 4:02 am