SAND Sandbox Crypto Coin Price News Today – Technical Analysis Update and Price Prediction!
Take a look at what i said actually in this video about the price of the sandbox aim. Obviously, that head and shoulders played out, however, we didnt come that high. I dont think we did go to 350 lets, take a look and no, we did only make a very, very weak right shoulder. As you can see, we still had that uh right shoulder on the chart here. So let me take that out. I also take the yellow box out, because that was an old target area which we obviously reached were back in the blue box, which is the higher level target area that was originally reached and set that was reached, triggered, but weve even made now a lower low And we zoom out in a minute, as you can see here in terms of the price target for that head and shoulders pattern. You also should always take these with a pinch of salt. Anyway, i often mention that in the videos but um well, we havent reached it. Yet i will leave that on the chart and we can take a look going forward if we actually going to reach that. I dont know what happened here. So you can see that the price target for this head and shoulders pattern was 1.50 and in a minute, were going to take a look at where we are today – and i also mentioned here that, after the breaking of the 2.26 level, the 78.
6 fibonacci level, it Is very likely to reach the next target, which is the 88.7 fibonacci level just below 1.50. So i covered that in the video as well. Lets take a look at what happened so after the last video we as expected, dropped further towards the target area of that head and shoulders pattern here, not quite there. Yet the target was 147 and the price came already down to 172 today since then has recovered a little bit, but not massively, and one more reason why we expect this price area now is actually because we can obviously draw those fibonacci levels: the fibonacci retracement levels. We dont need to start at the right wave, which is here, and you can see that the um we dropped, obviously in that target area below the 78.6 percent level, and we are now approaching the 88.7 fibonacci level at 147. That is also exactly the price target for the head and shoulders quite a coincidence here, where you take actually off the head, the height and you add it to the breakout point, the breakout point or the neckline was here around 260 and yeah. It takes us exactly to the lower support of that target area, which is the 88.7 fibonacci level. In addition to that, we even dropped to the downside out of the downside of this descending wedge, which is generally considered a bullish pattern, but seems like the price is drawn even more to the 88.
7 fibonacci level and didnt really care about um. It being a bullish pattern, so, as we always say, when you break one fib level, it is very likely that you actually get to the next one. In this case, the 78.6 level is or was a very likely turnaround point in such a wave 2 correction. Now that we broke it, we can expect the 88.7 to be broken now, should we really drop below 147? There is still one last straw. I could give the sandbox, and that would be if we really break that. I mean the price could drop much more still in the same scenario. But then we can go to the higher level wave count and we could get if we start at zero with the fibs, and we can do that when the 88.7 is broken and you can still do that and youre not already at the minimum. Then the price could even drop down to a dollar and it would not be a disaster okay, so we could still find support at the dollar end. My view currently is at the latest. Sandbox should find support at the dollar level. Now, at the moment, until we break 147, we dont need to talk about a dollar, but i wanted to make you aware that theres no reason to panic, even if we drop below 147, the one dollar level can be really really good support and it would not Be a disaster for the coin, so one dollar is also psychologically very important level, and currently i cant imagine it gets broken.
I mean im normally quite bearish in these corrections and so far its been working out but um its looked, but by the way temporarily, it looked really like. We could start because these were. This was an impulsive move in my opinion, but the price didnt do or the market didnt really use the opportunity um or was it this one? I think um, but anyway that worked didnt work out and we stayed below the trend line um. You know, as long as you dont break the trend, you are in the trend. So as long as you are in a downtrend and you dont break it, you are in the downtrend. Unfortunately, so it came down in the end together with the cryptos and we reached the target area. Again, we already reached the target area for the first time end of january here, but since weve obviously come much deeper into it and yeah. At the moment, i find it quite likely that we could even drop below 147, which was the target of that head and shoulders. But even then we could extend the fibs and could go the you know if you, if you lose 147, the next target would be a dollar lets. Call it like that. Okay afterwards, however, we can expect the price to reverse and to move to the upside. I think, then we can get to new all time highs in the next larger wave to the upside, but that is probably many weeks away, uh, maybe even months or probably months – that we actually complete that correction here um overall.
What what are we doing here generally in terms of the indicators well lets, take a look at the daily here, still pushing further down so again, no sign of reversal um. We have a bit of a bullish divergence on the daily, which could be a first indication that hey it is slowing down. The downtrend is slowing down. To be honest, we are quite exhausted anyway. We are over sold on the daily four day chart, but also here the macd continues to push down um no real bullishness in the chart here also on the weekly. The macd is pushing further down, so were far away from from some kind of a a bullish. Crossover and there is further downside potential on the weekly rsi anyway, so for now um. I am not really bullish here on the sandbox, not short term. I think short term. We are going to see lower price and i would not be surprised if we really see that 147 level, and maybe even a dollar in the current environment short term upside potential possible. But to do so, we would first need to break back above this resistance level that well, this descending wedge form a support. Now resistance, yeah, i mean you could probably even draw that in a different way. We could possibly even draw it like that, and we would still be in the wedge here and here on the four hour chart. You can do that by just using the wicks and we would actually be within it.
So from that point of view, if we say all right, we are still in the wedge, um upside, potentially, yes, as soon as we break above the wedge, and that would be now. If we did that now, we would need to break above 2.28 and then the next resistance would be 2.63 and to the downside, of course, next support is 147, but bear in mind at the moment it is very risky. We are heading down. We have not broken a downtrend to really break the downtrend. We would need to at least get above the previous swing high, which is here at 246., and that is my view here about the sandbox.