Sandbox (SAND) started a strong rebound on December 4, but after that failed to break above the next resistance level.
SAND has fallen since it hit an all-time high of $ 8.48 on November 25 and a low of $ 4.12 on December 4.
More importantly, the rebound confirmed the $ 4.55 support area. This is both horizontal support and support for the 0.618 Fibonacci retracement. Due to the combination of these factors, it is likely that a rebound will be initiated.
However, technical indicators continue to decline.
The MACD, formed by short-term and long-term moving averages (MA), is in positive territory and declining. This means that the short-term MA is slowing down compared to the long-term MA.
RSI dropped below 50 (red symbol). This is a sign of a downtrend. A crossover of the indicator above the previous 50 line (green symbol) led to a one-sided rally to a new all-time high.
Consequently, the price movement signals and the technical indicator do not match on the daily timeframe.
SAND / USDT daily chart | Source: TradingView
Trader @TradingTank tweeted the SAND chart and said the price would need to break through the $ 5.60 resistance to resume the uptrend.
A source: Twitter
The main resistance area is $ 5.60. It coincides with the downward resistance line from the all-time high.
Most recently, on December 13, he rejected the SAND index, which was the catalyst for the current downtrend. Until this level is restored, the trend cannot be considered bullish.
A breakout of the aforementioned $ 4.55 support area could move the price to the next support at $ 3.95.