• SAND rose from $0.38 to $0.44 in the new year after Bitcoin surged.
• The indicators on the four-hour charts showed an extremely bullish SAND, with buyers having the upper hand and on-balance volume reaching new highs.
• SAND could retest or break out above $0.4524, but a break below current support at $0.4319 would invalidate the bias.
Sandbox [SAND] was an altcoin that experienced a surge in the new year after Bitcoin [BTC] rose from $16.52K on 1 January to $16.96K on 4 January. At press time, SAND was trading at $0.4418 and the indicators on the four-hour chart showed an extremely bullish outlook.
The Relative Strength Index (RSI) was in the overbought territory, indicating that buying pressure remained strong. The Directional Movement Index (DMI) also showed buyers having the upper hand at 36 points, with sellers at 12 points. There was a slight downward trend on the buyers‘ side, which could indicate a slight decline in buying pressure. On-balance volume (OBV) also reached new highs, indicating increased trading volume, which reinforced the recent buying pressure and price increase.
Based on the current momentum, SAND could retest or break out above the 100% Fib level at $0.4524. Risk-averse traders can take profits at this level. However, a break below the immediate support at $0.4319 would invalidate this bias. Such a downside move could find new support at the 61.8% Fib level of $0.4228. Weekly SAND HODLers saw gains as volume surged.
Overall, SAND remains a strong altcoin that could continue to surge in the new year if the current momentum holds.