SAND price action shows a bull cycle struggling to surpass $1.45 despite taking support from the descending trendline. Will this failure lead to downfall?

Key technical points:
<ul>
 	<li style="font-weight: 400">SAND prices have increased by 13% overnight.</li>
 	<li style="font-weight: 400">The Stochastic RSI shows a bull cycle in motion.</li>
 	<li style="font-weight: 400">The 24-hour trading volume of SandBox is $449 Million, reflecting a 25% rise. </li>
</ul>
<h2>Past Performance of SAND</h2>
SAND prices spiraled down drastically in the falling expanding channel starting from April and accounting for a 68% downfall. This drastic decrease in market value influenced the death cross and the 100 and 200-day crossover. However, the recent support at the descending trendline leads to a sideways shift teasing a potential bullish reversal.

<img src="https://s3.tradingview.com/snapshots/5/5HWcaPMs.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/5HWcaPMs/">Tradingview</a>
<h2>SAND Technical Analysis </h2>
SAND price action shows a potential double bottom pattern forming in the consolidation range at the psychological mark of $1. Moreover, the last night’s bullish recovery comes with a boom in trading volume, reflecting increased bullish commitment.  

The bearish alignment of the falling EMAs, achieved under the influence of the bear cycle, reflects a solid downtrend in action. 

The RSI slope shows a sideways trend above the oversold boundary after the recent 14-day SMA breakout. The RSI and the SMA currently maintain a lateral line attempting to reach the halfway mark.

The K and D lines of the Stochastic RSI show an uptrend in action, ready to reach the overbought territory.

In short, the SAND technical analysis forecasts a potential bullish breakout of $1.45 to reach the resistance trendline.
<h2>Upcoming Trend</h2>
If SAND prices manage to gain a double bottom breakout with the neckline at $1.45, an uptrend to $1.75 seems inevitable, which will increase the trendline breakout chances. In such a case, the breakout rally will reach the psychological mark of $2.

Support Levels: $1 and $0.68

Resistance Levels: $1.75 and $2

SAND Technical Analysis: Bull Cycle Struggles To Gain Momentum

SAND price action shows a bull cycle struggling to surpass $1.45 despite taking support from the descending trendline. Will this failure lead to downfall?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

SAND Technical Analysis: Bull Cycle Struggles To Gain Momentum

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