The Sandbox Price Prediction February 2022: Will SAND Reach $10 in February?
SAND Technical Analysis — February 2022
The Sandbox (SAND) reached its all-time high in November of 2021 at a price of $8.44. After that, the price was followed by multiple bearish surges, where the price declined by around 50%. After that, the price increased by almost 60%, but it stopped at $6.96 due to the high selling pressure. SAND continued on this downtrend, where the price declined by an additional 63% in the following weeks, but it found support at $2.56. Since then, the price has been attempting to rebound. The price is recovering, where the new high is higher than the previous high and the new low is higher than the previous low. In the 4-hour chart, a triangle pattern could be seen forming with the trendline of the last couple of months. We may see a breakout in the coming days as this channel gets narrower. The fear and greed indicators suggest that the extreme fear of the last few weeks is diminishing and is slowly converting into greed, suggesting an increase in the buying pressure for SAND. [caption id=”attachment_20664" align=”alignnone” width=”1920"]
SAND/USDT 4-Hour Chart.[/caption]
Both the 50-MA and the 20-MA of a 4-hour chart are currently below the price of SAND, suggesting that the trend is now upward and that the price of SAND could keep increasing in the coming weeks, other things equal. The 9-EMA of a 4-hour chart is also currently below the price of SAND, suggesting that SAND is bullish in the short run. The EMA line is also acting as support to the price of SAND.
Relative Strength Index
The RSI of a 4-hour chart recently hit above 70, indicating that SAND is overbought. This may most likely lead to a retracement of the price, which has already started. The RSI also indicates that SAND is quite bullish in the coming days. [caption id=”attachment_20665" align=”alignnone” width=”1920"]
SAND/USDT 4-Hour Chart RSI.[/caption]
The MACD line of a 4-hour chart is currently above the signal line and way above the baseline. This suggests that the momentum is bullish in the short run. However, the lines are converging and may intersect in the coming hours if the price keeps retracing as anticipated. Because of this, we could see a momentum shift in the short run. [caption id=”attachment_20666" align=”alignnone” width=”1920"]
SAND/USDT 4-Hour Chart[/caption]
The Fibonacci retracement levels of a 4-hour chart suggest that the price of SAND could retrace to the 50% level, despite it not being a widely recognized Fibonacci level. Nonetheless, the 50% level has proved to work in most cases. If that would be the case and SAND would find support at 50%, then the price could eventually have another bullish breakout upward in the coming days. [caption id=”attachment_20667" align=”alignnone” width=”1920"]
SAND/USDT 4-Hour Chart Fibonacci Levels.[/caption]
Price Prediction SAND — February 2022
Based on this technical analysis on The Sandbox (SAND), the price of SAND could initially retrace in the short run and then may continue its journey upward. Our indicators as well as the current momentum suggest that the price of SAND could keep increasing. However, SAND is facing strong resistance at $4.75. If this structure is broken, then we may see SAND go beyond $5 in the coming days. The price of BTC would also play a factor in the price of SAND. If BTC stays above $40,000 and eventually breaks beyond $44,000, then we could see SAND soar upward as well.
Latest News for SAND — Affecting Price
A big factor in the recent price movement of The Sandbox could be the recent partnership with UniX, one of the world’s biggest gaming guilds. The latter is attempting to become the biggest gaming community within The Sandbox ecosystem. This created huge hype and increased the demand for SAND tokens, hence the price increased at this rate.
Besides, The Sandbox also partnered with Warner Music Group (WMG), one of the world’s biggest music record labels, which is based in New York City. WMG features some of the world’s most immense talents, including Burna Boy, Ed Sheeran, Dua Lipa, etc. This partnership can definitely shape the future price of SAND into a much more bullish one. Hence, we could see SAND have bigger gains in February.