- The weekly SAND/USD chart showed the 0.786 Fib level could trigger a 65.5% price increase.
- Buying momentum has become weak but the Aroon indicator aligned with a bullish bias.
- A highly bullish scenario could trigger SAND’s price in the $3 direction.
The Sandbox (SAND), the blockchain-based virtual world token, has not reached its full potential yet, analyst Ali Martinez noted. Martinez posted this on X while trying to defend his point that the crypto market has not yet reached its top despite the recent price jumps.
It’s Just the Start
For the analyst, SAND has not even hit the 0.786 Fibonacci level, indicating that the token was very much undervalued
The 0.786 Fibonacci level is one of the strongest series of ratios the indicator has. Therefore, it serves as a prime entry point. Coin Edition observed the weekly chart and saw that the Fib level was around $2. As such, SAND could hit $2 and use that as a stepping stone to hit higher prices in the long term.
At press time, SAND changed hands at $0.69, representing a 60.92% increase in the last 30 days. With Martinez’s prediction, SAND’s price could add another 65.5% within a short period.
SAND Targets a Quick Run to $1
According to the 4-hour SAND/USD chart, bulls gathered at the $0.64 support which was formed on March 6. However, the potential rise to $2 might not be easy. This was because there was an overhead resistance at $0.71.
Coin Edition checked the Relative Strength Index (RSI) and noticed that the reading had dropped. This decline suggested a weakness in the bullish momentum. Should the reading continue to decrease, SAND’s price might slide as low as $0.60.
Despite the state of the RSI, the Aroon indicator revealed a different tale. As of this writing, the Aroon Up (orange) was 71.43%. The Aroon Down (blue), on the other hand, was at 0%.
If the Aroon indicator remains this way, and buying momentum increases, SAND could rise beyond $1 within the next few weeks.
In the meantime, traders might need to watch out for SAND when the altcoin season comes in full force. In a highly bullish situation, the value of the token might rise as high as $3. However, there could be a retracement in the build-up to the upside.
If the momentum becomes bearish, SAND might decline to $0.60. Should that happen, it could be a good entry point for those looking to hold for the mid and long term.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
