SAND was up by over 15% on Friday, as crypto prices rebounded following sell-offs during Thursday’s trading session. SAND fell to a one-week low yesterday, with MATIC, another notable gainer, dropping to nearly a ten-day low on Thursday. Overall, crypto markets are up 1.30% as of writing.
The Sandbox (SAND)
SAND was one of the most notable movers during today’s trading session, as crypto prices rebounded on Friday.
Following a low of $0.9644 on Thursday, SAND/USD rallied to an intraday peak of $1.17 to start the month of July.
Prices of the token have mostly rallied during the last two weeks, after hitting a floor of $0.7393 on June 18.
This was the lowest level that SAND had hit since October 2021, prompting bulls to reenter the market and buy the dip.
Looking at the chart, and despite the recent price uncertainty, the 10-day moving average (MA) has marginally crossed with the 25-day MA.
This upward trend could mean that bulls may attempt to lift prices even further, with the $1.50 point a possible target.
MATIC has been trading in a channel of lower lows for the past seven days, however that run was snapped following today’s rally.
The token dropped to a bottom of $0.4224 on Thursday, however rallied to a peak of $0.4957 on Friday.
As of writing, MATIC/USD is now trading nearly 9% higher than yesterday’s low, however volatility continues to remain high.
Bears appear to be trying to take prices to the support level located around $0.3975, however bulls have so far resisted this.
Following a breakout of the 46.50 support point on the 14-day RSI, the indicator has struggled to find a new floor, and is currently tracking at 42.79.
Unless it moves back towards that old support point, bears will likely look to push this to a lower level, 39.20, which would almost certainly see MATIC below $0.4000.
Do you expect MATIC to fall below $0.4000 this weekend? Let us know your thoughts in the comments.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Ira Lichi / Shutterstock.com
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