SAND Technical Analysis: Bull Cycle Struggles To Gain Momentum

SAND price action shows a bull cycle struggling to surpass $1.45 despite taking support from the descending trendline. Will this failure lead to downfall? Key technical points: SAND prices have increased by 13% overnight. The Stochastic RSI shows a bull cycle in motion. The 24-hour trading volume of SandBox is $449 Million, reflecting a 25% rise. Past Performance of SAND SAND prices spiraled down drastically in the falling expanding channel starting from April and accounting for a 68% downfall. This drastic decrease in market value influenced the death cross and the 100 and 200-day crossover. However, the recent support at the descending trendline leads to a sideways shift teasing a potential bullish reversal. Source-Tradingview SAND Technical Analysis SAND price action shows a potential double bottom pattern forming in the consolidation range at the psychological mark of $1. Moreover, the last night’s bullish recovery comes with a boom in trading volume, reflecting increased bullish commitment. The bearish alignment of the falling EMAs, achieved under the influence of the bear cycle, reflects a solid downtrend in action. The RSI slope shows a sideways trend above the oversold boundary after the recent 14-day SMA breakout. The RSI and the SMA currently maintain a lateral line attempting to reach the halfway mark. The K and D lines of the Stochastic RSI show an uptrend in action, ready to reach the overbought territory. In shor...