Cryptocurrencies

Sandbox Price Prediction: Key Support Zone At 4.2915/4.0053 to Prove Decisive

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Written By: Eno Ikenna Eteng
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    Summary:
  • The Sandbox price prediction is for the key support zone at 4.2915/4.0053 to prove decisive for future price movements.

Any additional bearish Sandbox price predictions will be put to the test in the next two days, as the price activity approaches a region of support. This reguion of support has held successively in two previous tests, and this has limited an extension of the correction from the progressively lower highs of late November and late December 2021. 

The recent bearish run of Sandbox stemmed from comments credited to Animoca (owners of Sandbox) founder Yat Siu on Tencent and Meta Platforms emerging as the new threats to the company’s focus in building an open metaverse. Sandbox has lost 4.21% on the day, making it three consecutive days of losses for the SAND/USDT pair. 

What is the Sandbox price prediction for the rest of the week?

Sandbox Price Prediction

The price action is sitting on the support zone which lies between 4.2915 and 4.0053. A further decline is only possible if the bears crack through this support. If this is successful, 4.0033 becomes the new downside target. 3.3372 and 2.8399 are additional targets to the south if the decline continues. 

On the other hand, a bounce on the support zone provides an impetus for the bulls to target 4.6542. If this resistance barrier yields to bullish pressure, 5.2656 and 5.7016 will become additional targets to the north. 

SAND/USDT: Daily Chart

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This post was last modified on Jan 20, 2022, 07:00 GMT 07:00

Written By: Eno Ikenna Eteng

Eno's work as a technical analyst and author since 2009 is well recognized in the industry and on several freelance platforms. He is also a member of the prestigious UK Society of Technical Analysts and a top-ranked participant in the Basic Investment Banking and Asset Management simulations with Amplify Trading.

Published by
Written By: Eno Ikenna Eteng