Crypto

Sandbox sinks 30%, finds buyers, SAND could drop to $ 3 again | Cryptocurrency

  • The sandbox price will face a sharp correction after completing a bearish time cycle.
  • Extreme overbought conditions may weigh on the Sandbox before the cryptocurrency flash crash.
  • Corrective movement is essential to maintain a healthy market.

The price of the sandbox has been a major driver of the metaverse and the gaming tile space, easily outperforming its peers. Their performance since October 2021 has been spectacular, but a real pushback and corrective post-crash flash movement is looming.

The 1.010% test area price gain collapsed by more than 30% at the start of Saturday’s session.

The price of the litter box increased from $ 0.75 on October 28, 2021 to its most recent all-time high of $ 8.48 on November 25, an almost insane increase in a monthly period. However, nothing goes up forever, and SAND is particularly at risk of experiencing a violent downward movement.

In Gann’s analysis, WD Gann wrote about a cycle of time that he called his “death cycle.” It is a cycle of seven weeks (forty-nine to fifty-two days). Gann wrote that any instrument that has a strong or excessive trend for seven weeks has a very high probability of a quick corrective move or a major change in trend. In the case of the Sandbox price, the movement has been strong and at an excessive rate.

The Relative Strength Index is set for a bull market, with overbought levels at 80s and 90s. The sandbox price is almost peerless on the weekly chart when it comes to breaking above the level. 90. In addition, the composite index recorded new time highs. Add to that the huge gap between the body of last week’s weekly candlestick and the Tenkan-Sen, and you have a recipe ready for a significant drop.

The price of the sandbox has an early retracement in the Fibonacci retracement of 50% to $ 3.00. This 50% Fibonacci retracement is taken from the all-time high to the low of the weekly strong bar, the now standard method for drawing the Fibonacci retracement defined by Connie Brown.

Ichimoku SAND / USDT daily chart

However, the price of the sandbox remains in price discovery mode, so any small drop can continue to be bought and new all-time highs will continue to be reached. Caution should always be exercised when an instrument is trading in a parabolic state.

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