SAND/BTC pair remained pretty much low-key since the inception and remained swinging within a very narrow range for a pretty long time. The asset kept on testing higher levels at regular intervals until the beginning of Q4 2021. However, since the last few days of October 2021, the asset ignited a magnificent bull run which uplifted the value of the asset by more than 1000%. It was the time when the SAND/USDT pair was also thriving in the crypto space. However, after some period of consolidation and correction, the asset is now attempting a ‘V-shaped’ recovery which could bring the asset back into action.
The SAND/BTC pair began the trading year 2022 with a notable bearish trend where-in the asset lost more than 70% of its value. After hitting the monthly lows the asset quickly flipped the bearish trend and switched to the recovery phase. Currently, forming constant higher highs and lows, the asset is maintaining a notable uptrend. Continuing with the same pattern, the asset could reach its ATH very soon.
|Short Term||The price after some recovery is consolidating for a while and as the buying volume is geared up may uplift the price to some extent|
|Mid-Term||The price has recovered from the monthly lows and currently may get exhausted and hence a slight pullback expected|
|Long-Term||SAND/BTC is accumulating gains to magnify the buying pressure and move towards the north|
Additional Read: Daily Crypto News, 1st February, 2022
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|StochasticRSI(StochRSI)(14)||39.67 / 93.1||Sell / Buy|
|MACD(12,26)||0 / 0||Neutral / Neutral|
|Average True Value(ATR)(14)||0 / 0||High Votality / High Votality|
|Bull/Bear Power(13)||0.0002 / 0.0002||Buy / Buy|
|Moving Average(MA)-50||0.00010346 BTC||0.00010946 BTC|
|Moving Average(MA)-200||0.00009294 BTC||0.00005338 BTC|
|Resistance||0.00011563 BTC||0.00013338 BTC|
|Support||0.00009963 BTC||0.00007979 BTC|
The SAND/BTC short & long-term forecast is pretty much misty as the indicators point out diverse trends in different time horizons. While in the short-term, the StochRSI which moves pretty much closer to the price than RSI is moving strongly towards the north pointing to a healthy uptrend.
MACD is neutral as both MACD & Signal lines are going hand in hand. The volatility indicator ATR points out a lower volatility rate in both time frames pointing towards the rally being slow yet steady. Overall indicators point out towards an amalgamation of both bullish and bearish indicators.
On the other hand, the pivot levels point out towards an extremely bullish trend ahead. The resistance in both horizons is pretty close to the current levels. And hence with just a small boost, the asset could form a new ATH very soon.
To do so the asset needs to surpass the 50-day MA in both short-term and long-term and further go ahead and test the long-term crucial resistance. Once cleared, the next stop would be above the current ATH and discover new highs.
Additional Read: SAND vs MANA: Comparative Analysis
The SAND/BTC price nowadays is showcasing extreme bullish momentum at times when the asset with USDT pair is weakened. The quick recovery here showcases the tendency of the asset to surge and do not fall into the bearish trap yet again. Until the SAND/USDT showcases a weakened trend and its incapability to recover losses, BTC-based tokens may rally high.
Source: Tradingview Date: 01-02-2022 Time: 5 pm
Additional Read: Top 10 Metaverse Cryptos 2022 by Market Capitalisation
The SAND/BTC price is following a notable uptrend within a rising channel without any major indicator being bearish. And hence one can expect the asset to continue to form constant higher lows and high to maintain within the same rising channel. The asset needs to initially barge in through the symmetrical triangle and establishes a notable uptrend to intensify the bull run towards the new highs. The possibilities of a bearish reversal are pretty less and hence until and unless the USDT market is uncertain the BTC pairs tend to propel to new highs.
At present, the SAND/BTC price is around 0.00010396 BTC with a jump of just a percent at the press time. The day’s range is in-between 0.00010198 to 0.00010823 and hence the current days close above or below these levels may determine the next leg.
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