The Sandbox (SAND) Increased by 55% After January Lows: Multi Coin Analysis

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In Brief
  • BTC and RUNE are following descending resistance lines.

  • SAND and LUNA are trading inside descending parallel channels.

  • CRV has bounced at the $2.60 horizontal support area.

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BeInCrypto takes a look at the price movement for seven different cryptocurrencies, including the Sandbox (SAND), which has been moving upwards with strength since Jan 22.

BTC

BTC has been following a descending resistance line since Nov 10, 2021. So far, it has made three breakout attempts (red icons), most recently on Feb 1. 

Since resistances get weaker each time that are touched, the next closest resistance would be at $46,750. This is the 0.382 Fib retracement resistance level.

BTC Resistance line
Chart By TradingView

ETH

ETH has been following a very steep ascending support line since Jan 4. Most recently, it bounced at the line on Jan 31 (green icon) and proceeded to break out from the $2,640 horizontal resistance area. The area is now expected to provide support in case a short-term drop transpires.

The long-term readings indicate that the upward move is expected to continue.

ETH Support line
Chart By TradingView

SXP

SXP has been increasing alongside an ascending support line since Jan 25. When combined with the $1.35 resistance area, this created an ascending triangle, from which SXP broke out on Feb 2. 

If the token increases the entire height of the pattern, it would reach a high of $1.57, reaching the 0.618 Fib retracement resistance level in the process.

SXP Ascending support
Chart By TradingView

LUNA

LUNA has been falling since reaching an all-time high on Dec 27. The decrease led to a low of $43.44 on Jan 31. So far, it has decreased by 50%.

However, the token bounced afterwards and created a bullish engulfing candlestick (green icon). This also served to validate a descending parallel channel. The first resistance area is at $55, created by the middle of the channel.

LUNA Channel
Chart By TradingView

RUNE

RUNE has been falling alongside a descending resistance line since Nov 2. So far, the downward movement has led to a low of $3.25, which amounted to a decrease of 76%. Similarly to BTC, RUNE is following a descending resistance line. The trend cannot be considered bullish until it manages to break out from this line. 

The closest resistance area is at $6.50.

RUNE Line
Chart By TradingView

SAND

Similarly to LUNA, SAND has been falling inside a descending parallel channel since reaching an all-time high price on Nov 25. The downward movement led to a low of $2.55 on Jan 22. SAND has been moving upwards since and has increased by 55% so far.

The ongoing bounce has also served to validate the $3.20 area as support.

A breakout from this channel would confirm that the correction is complete.

SAND Channel
Chart By TradingView

CRV

CRV has been falling since Jan 4, when it reached a high of $6.80.

On Jan 24, it reached a low of $2.36 (green icon) and bounced. The bounce served to validate the $2.50 area as support, which has been in place since Oct 2021. 

If the upward movement continues, the closest resistance area would be at $4.07, created by the 0.382 Fib retracement resistance level and a horizontal resistance area.

CRV Bounce
Chart By TradingView

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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