Published 10 mins ago
Under the influence of the cup and handle pattern, the SAND price offered a 20% pullback opportunity from the $1.28 resistance, which plunged to the flipped support of $1. However, today, the coin price witnessed a significant inflow and surged 12.5% higher, where it currently trades at $1.17. The sustained buying may breach the $1.28 neckline, offering a recovery opportunity.
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Key points:
- The cup and handle breakout may surge SAND price by 20%
- Bollinger band indicator midline flipped into a viable support
- The intraday trading volume in SAND price is $341 Million, indicating a 132% rise.
Source- Tradingview
SAND prices took a bullish turnaround from the $0.68 support level during mid-June, after the bearish downfall under the $1 mark. The reversal rally results in a rounding bottom pattern surpassing the $1 mark.
However, the SAND buyers failed to sustain the buying pressure resulting in a bearish retracement from the 50-day SMA resulting in the retest of a $1 breakout.
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The ongoing streak of Doji Candle formation tees is a bullish reversal to complete a cup and handle pattern formation. However, the lack of bullish support evident by the falling trend in the trading volume warns of a bullish failure.
If buyers manage to complete the pattern formation, the market price will surpass the 50day SMA on the bullish breakout, potentially surpassing the $1.50 mark.
Conversely, the bullish failure to surpass the 50 SMA will result in the fallout of the psychological mark of $1, where traders can expect the fallout rally to reach the bottom support of $0.68.
Technical indicator
Bollinger Band indicator: on June 24th, the SAND breached the indicator midline, indicating the buyers wrestled trend control from the sellers. Moreover, this neutral line aligned with the $1 psychological support bolstered the bullish recovery.
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OBV indicator: a significant rise in OBV slope in response to the recent price jump, accentuating a genuine recovery rally.
- Resistance levels- $1.2 and $1.53
- Support levels- $0.98 and $0.79.3
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
