One of the few Altcoins that did exceptionally well in November was Sandbox, which is geared towards metaverse users, where the price of the token currently has risen by 354% in one month, as it reached $8.48 high on the 25th of this month exactly before the collective collapse which didn’t affect the token severely and kept it at 7.15$ per 1 SAND. Despite the current market being in bullish territory at the time this article was written, we’ll look at whether SAND is preparing to reach another all-time high.
As November progressed, SAND’s rise took the shape of a parabolic curve. the token has also been supported at consistent junctions, and during the bullish rally, the price surged to its ATH value of $8.48, but then it began to consolidate. According to Fibonacci line indicates the asset is above its immediate support at $6.9 and in order to reach a better ATH level, SAND needs to hold the price in a range above $7.
Nevertheless, volume momentum has slowed down, and recovery would be required for a reprise of the bull market, as the price of Sand has breached its previous high, making $10 a realistic target.
Right now, market indicators are indecisive. Over the past few days, MACD has exhibited a strong bearish trend. However, it has recently shifted into a bullish pattern. However, buying pressure should return once there is market upside volatility.