Technical Analysis Indicates Strong Bullish Outlook for Sandbox (SAND), Points to Key Price Targets
Crypto traders and analysts are growing extremely bullish on The Sandbox (SAND) based on compelling technical signals that suggest a major rally could be on the horizon. Leading the charge is Daniel Ramsey, a renowned crypto technical analyst, who laid out a comprehensive bullish case for SAND.
According to Ramsey, The Sandbox has been forming a “rounding bottom” pattern over the past 500 days – an extremely prolonged accumulation period. This technical formation is considered a powerful bullish reversal signal after such a lengthy consolidation.
Adding to the bullish momentum, SAND recently broke through the confluence of two major descending resistance levels, as well as clearing the “superguppy” indicator which filters out false upside moves. “I’m bullish on $SAND for the long-term,” Ramsey proclaimed.
Emboldened by the strong technical signals, the analyst Daniel Ramsey laid out several price targets for SAND. In the short-term, he sees it climbing to $1.38. His mid-term targets extend to $2.207 and then $3.385 as momentum potentially builds. However, Ramsey’s most ambitious projection identifies $13.6 as a possible macro market cycle top for SAND – representing massive upside from current levels if the bullish technical pattern fully plays out across the broader market cycle.
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Show more +While these escalating targets are undoubtedly ambitious, they reflect Ramsey’s conviction that the recent breakouts could precipitate a major sustainable uptrend for the gaming cryptocurrency.
Further fueling the optimism, SAND printed a bullish “engulfing” candlestick pattern just yesterday. This type of candlestick formation sees the entire previous day’s price range getting completely engulfed and is considered a robust technical buy signal.
Moreover, yesterday’s candle decisively retested above a descending trendline that had been capping SAND’s price rallies since May 2022 – a resistance level that stood for over 22 months.
The confluence of these compelling technical forces suggests that The Sandbox cryptocurrency could finally be positioned for its next major upswing after such a lengthy accumulation phase.
While past performance is not indicative of future results, the rounding bottom pattern has statistically proved to be one of the most consistently reliable trend reversal formations. Combined with the other decisive technical breakouts, traders appear to be growing extremely bullish that SAND may soon embark on a powerful rally to Ramsey’s projected targets and beyond.
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