The cryptocurrency market is recovering, with The Sandbox (SAND) breaking out of a bullish pattern, shifting from a downtrend to an uptrend.
Technical analysis shows SAND's breakout from a double-bottom pattern, confirmed by a daily candle closing above the neckline. If SAND closes above $0.264, it could rise by 15% to $0.305. The RSI stands at 52.30, signaling a possible rally, though the 200 EMA suggests a downtrend.
On-chain metrics indicate bullish sentiment, with a Long/Short Ratio of 1.03 and Futures Open Interest up by 5.6%. Major liquidation levels are at $0.255 and $0.27, with potential liquidations favoring long positions.
SAND is trading near $0.266, up 5.2% in 24 hours, despite a 6% drop in trading volume.