Daily Archives: 6. Januar 2023

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SAND Poised for a Breakout, Ready to Retest $0.4524

• Sandbox [SAND] was an altcoin that surged after Bitcoin [BTC] rose in the new year.
• Technical indicators on the 4-hour chart showed that SAND was highly bullish and may retest or break out above $0.4524.
• If the momentum continues, SAND could rise and reach $0.4524 again, however, a break below the immediate support at $0.4319 would invalidate the bias.

Sandbox [SAND] was an altcoin that caught the attention of many crypto traders and investors in the new year. After Bitcoin [BTC] rose from $16.52K on January 1 to $16.96K on January 4, SAND lifted from $0.38 to $0.44 in the same period. At press time, SAND was trading at $0.4418 and appeared ready to retest the 100% Fib level of $0.4524.

To get a better understanding of the market sentiment, technical analysts looked at the 4-hour charts. The Relative Strength Index (RSI) showed that buying pressure was still strong and was back in the overbought territory. This was further supported by the Directional Movement Index (DMI) which showed that buyers had the upper hand at 36 points, while sellers were at 12 points. There was a slight downward trend on the buyers‘ side, which could indicate a slight decline in buying pressure. Also, the On-Balance Volume (OBV) was reaching new highs, indicating increased trading volume, and further confirming the recent buying pressure and price increase.

If the momentum continues, SAND could rise and reach $0.4524 again. Risk-averse traders can take profits at this level. However, a break below the immediate support at $0.4319 would invalidate the bias. Such a downside move could find new support at the 61.8% Fib level of $0.4228. Weekly SAND HODLers saw gains as volumes and prices rose in the new year and many traders are optimistic that the altcoin will reach new highs in the coming months.

Dogecoin Gains 7%, But Bearish Trend Still Intact: Shorting Opportunity Ahead.

• Dogecoin has posted 7% gains since 31 December, but its higher timeframe charts remain bearish.
• Trading volume has been in steady decline since mid-December and unless DOGE can reclaim $0.078 as support, it is likely to see another move southward.
• A move to the $0.077-$0.079 area is likely to offer a low-risk, high-reward shorting opportunity.

Dogecoin has been one of the more interesting coins in the crypto space recently, with the meme coin seeing some significant price action in the past month. After posting 7% gains since 31 December, Dogecoin has been trading at around $0.071 as of 4 January 2021. However, despite the recent gains, the higher timeframe charts show that the coin is still in a bearish trend.

The trading volume for Dogecoin has been in a steady decline since mid-December, and this is a sign that the bulls are losing their grip on the market. Unless DOGE can reclaim $0.078 as a support level, it is likely to see another move southward in the coming weeks.

On the price chart, there is a bullish order block that was tested in mid-December but the session close beneath $0.071 meant that it had been flipped to a bearish breaker. The market structure is also bearishly biased and will only be flipped on a move back above $0.0789.

A move to the $0.077-$0.079 area is likely to offer a low-risk, high-reward shorting opportunity. There is also a significantly lower timeframe consolidation right beneath the said resistance level at $0.0789. This means that traders should keep an eye on this area for potential shorting opportunities.

Overall, Dogecoin has posted some gains in recent days, but the higher timeframe charts still show a bearish bias. Trading volume has also been in steady decline since mid-December and unless DOGE can reclaim $0.078 as support, it is likely to see another move southward in the next week or two. A move to the $0.077-$0.079 area is likely to offer a low-risk, high-reward shorting opportunity, and traders should keep an eye on this area for potential trading opportunities.