- SAND’s open interest jumped 5.6% within the past day following a bullish break out.
- It was at this level that traders had a high degree of leverage.
Market recovery is noticeable on the overall crypto market.
The virtual gaming platform is a great addition to this. The Sandbox [SAND] Has broken out from a bullish pattern that was very strong and has shifted sentiments away from the downtrend into an uptrend.
SAND Technical Analysis and Key Levels
AMBCrypto’s technical analysis showed that SAND was bullish as of press time, after it had broken out from a pattern with a double bottom. A daily candle that closed above neckline confirmed the breakout.
TradingView
According to the price trend, SAND could surge by 15 % in the next few days if it closes its daily candle at or above $0.264.
SAND’s Relative Strength Index, or RSI, was 52.30 as of press time. This suggests that a possible rally to the upside is ahead.
Despite SAND’s bullish forecasts, the moving average of 200 EMA indicated a downward trend. When an asset is trading below the 200 EMA traders and investors will generally assume that it’s in a downward trend.
SAND’s on-chain metrics are bullish
On-chain metrics supports SAND’s bullish forecast. On-chain metrics, according to SAND. CoinglassSAND’s long/short ratio at the time of publication was 1.03, which indicates bullish market sentiment.
Coinglass
Also, Futures Open Interest increased by 5.6% over the last 24 hours. And 3.91% in just four hours.
The breakout from the double bottom price pattern indicated a growing interest among traders in SAND tokens.
Major liquidation levels
Coinglass reports that traders have been over-leveraged by these levels.
Coinglass
If market sentiment is unchanged, and the price increases to $0.27 then nearly $308,620 in short positions can be closed.
If sentiments change and the prices fall to the level of $0.255 then long positions worth approximately $732.960 will be liquidated.
The data on liquidation shows that the long bull positions is more than twice as large as short bear positions.
SAND is expected to rise in value as a result of the bulls dominating this asset.
You can read more about it here The Sandbox’s [SAND] Price Prediction 2024–2025
Current price momentum
SAND, at the time of this press release is currently trading around $0.266. It has seen a 5.2% price increase in the last 24 hours.
In the same time period, trading volumes declined by 6%. Lower participation is a sign of fewer traders and investors.
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Source: ambcrypto.com
