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.

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