Will $SAND breakout, rally 15%? Assessing key factors - AMB Crypto Analytics

Irma - Oct 13 - - Dev Community

The cryptocurrency market is recovering, with The Sandbox (SAND) breaking out of a bullish pattern, shifting from a downtrend to an uptrend.

Technical analysis shows SAND's breakout from a double-bottom pattern, confirmed by a daily candle closing above the neckline. If SAND closes above $0.264, it could rise by 15% to $0.305. The RSI stands at 52.30, signaling a possible rally, though the 200 EMA suggests a downtrend.

On-chain metrics indicate bullish sentiment, with a Long/Short Ratio of 1.03 and Futures Open Interest up by 5.6%. Major liquidation levels are at $0.255 and $0.27, with potential liquidations favoring long positions.

SAND is trading near $0.266, up 5.2% in 24 hours, despite a 6% drop in trading volume.

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