Metaverse-focused Sandbox was one of the few Altcoins that did extremely well in November. The token is currently up by a whopping 354% for the month. It reached an all-time high of $8.48 on the 25th before there was a collective collapse. However, the SAND token was not affected much. With the current market embracing bullish recovery at press time, in this article, we will analyze if SAND is preparing to climb towards another all-time high value. 1 SAND is currently valued at $7.15 with a market cap of $6.49 billion.
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SAND 4-hour time frame
Over the course of November, SAND’s rise is in the form of a parabolic curve. The asset found support at consistent junctions. The bullish rally was stable, but after reaching its ATH value of $8.48, it started to consolidate. According to Fibonacci lines, the asset is above immediate support at $7. However, the bullish momentum is not reciprocating of the current market. Bitcoin, Ethereum, and other assets outperformed SAND over the past 48-hours, and the buying pressure might be shifting.
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In order to reach a new ATH level, SAND needs to hold the current price range above $7. A couple of positive signs are indicated by the Moving Average and EMA ribbons. Both the indicators are acting as support for the token at the moment.
However, volume momentum is slowing down, and recovery would be essential for a revived bullish leg. Considering SAND breaches its previous top, $10 is a viable target. Fibonacci extensions of 1.236 and 1.382 are ranging between $10-$11.
Market Indicators
The market indicators are presently indecisive. MACD exhibited a strong bearish trend over the past few days, but it is slowly reversing into a bullish realm. RSI is currently dipping in the chart. It means that investors are possibly selling at the moment. However, buying pressure should return once there is market upside volatility.
How to invest in SANDBOX token
A smart move would be to invest after it crosses $8.48. Beyond that range, SAND enters another period of price discovery, which would allow the asset to reach new heights. Investors may need to prepare for further consolidation for the next few days before a strong breakout.