Cryptocurrency

Assessing the odds of SAND reaching $1 in the coming week


Binance U.S. confirmed that the alternate might be including the Sandbox [SAND] token on the platform. This information was additionally retweeted by Sandbox on their Twitter account. Since the information broke, traders and SAND reacted positively to this announcement. 

Furthermore, the pattern gave the impression to be persevering with as of 5 October. The value of SAND was roughly $0.81 at the begin of buying and selling on 4 October. However, SAND’s value stood at $0.83 by the finish of the day, a acquire of almost 2%.

6-hour timeframe seems good

Looking at the value of SAND on a each day timeframe with the help of a pattern line, we are able to see that the asset had been in a downward pattern for a while now. On the opposite, the six-hour chart revealed an upward pattern in value, most notably from 3 to 4 October.

The Awesome Oscillator (AO) crossed above the zero line, indicating a bullish pattern for SAND inside the six-hour timeframe.

Within the similar timeframe, bullish alerts had been additionally displayed by the Relative Strength Index (RSI), which was above its impartial line. Despite this, the energy of the two bullish developments for each indicators wasn’t convincing.

Source: TradingView

A each day timeframe with a bear lurking 

Support was recognized at $0.807 on the each day timeframe using trendlines. The asset struggled to interrupt by means of the $1.011 space of resistance for the complete month of September. In latest weeks, the barrier had lowered even additional and stood at $0.90, at press time. 

The AO revealed the asset’s exercise beneath the zero line, indicating a gentle bearish pattern. The RSI was additionally beneath the impartial line, nevertheless it wasn’t too far beneath it. This indicated a bearish pattern that wasn’t overly robust.

The sign and adverse DI strains of the Directional Movement Index (DMI) had been each far above 20, whereas the optimistic DI line was solely barely decrease. This additionally pointed in the direction of a gentle bear pattern, all on the each day timeframe.

1665016894 915 Assessing the odds of SAND reaching 1 in the coming

Source: TradingView

Additionally, in accordance with Santiment’s developer exercise metric, the growth exercise for SAND stood at 1.55. The chart confirmed a bit of upward pattern, however general, Sandbox’s growth exercise remained low. 

1665016895 278 Assessing the odds of SAND reaching 1 in the coming

Source: Santiment

Further proof that the asset was undervalued was supplied by the Market Value to Realized Value Ratio (MVRV).

1665016897 244 Assessing the odds of SAND reaching 1 in the coming

Source: Santiment

With extra potential consumers now gaining access to SAND, shopping for exercise ought to witness some development. However, a rally to the $1 space should still be in query except SAND decides to maneuver out of its present value zone.

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