SAND Technical Analysis: Will Buyers Retake $4 Stronghold?
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Key technical points:
Past Performance of SAND
SAND coin prices show a demand surge on 16th March, resulting in a 20% gain and a trendline breakout. The breakout rally continues after a retest on 21st March and challenges the $3.66 resistance level. Moreover, the rally surpasses the 100-day EMA resulting in a reversal in the 50-day EMA.
Source-Tradingview
SAND Technical Analysis
SAND prices show the daily candle facing higher price rejection with a long wick formation indicating a solid group of sellers active at the $3.66 mark. However, the recovering market and the increasing trading volume ensure the $3.66 breakout.
The crucial daily EMAs (50,100 and 200) strive to regain the total bullish alignment with a 50 and 100-day EMAs crossover. The recent rally increases crossover chances with a reversal in the smaller EMA. Meanwhile, the 200-day EMA continues the flattish movement.
RSI Indicator: The RSI slope reflects a solid uptrend in action as it sustainably creates higher highs above the halfway mark.
MACD Indicator: The MACD and signal lines keep a wide bullish spread while crossing into the positive territory with a bullish alignment.
In a nutshell, the SAND technical analysis highlights the possibility of a bull run above the $3.66 mark.
Upcoming Trend
The SAND coin price might shortly cross above $3.66 and sabotage the higher price rejection if bulls sustain the solid selling pressure. The breakout rally will reach the $4 mark accounting for a 10% jump. However, closing below the 100-day EMA will nullify the bullish thesis and result in a fall to the $3 mark.
Support Levels: $3.5 and $3
Resistance Levels: $4 and $4.4
