SAND Technical Analysis: Bulls Fuel Post-Breakout Rally To Reach $5

The SAND coin price retraces to retest the bullish breakout of the falling wedge. Will the retest-fueled rally reach the $5 mark? The Sandbox is an online virtual world that uses blockchain technology to allow users to create, construct as well as purchase or sell their digital currency as part of games. By combining the power of decentralized autonomous organizations (DAO) and NFTs, or non-fungible tokens, Sandbox provides a decentralized platform for a flourishing gaming community. The Sandbox virtual reality is built on the Ethereum blockchain it is protected with the proof-of-stake (PoS) consensus mechanism. SAND tokens are regular ERC-20 tokens, meaning that holders can put it up for stake and earn rewards for staking. Let us move ahead to read about SandBox technical analysis. Past Performance of SAND The SAND coin price breaks find an extremely bullish week as it grows more than 30% from the 200-day EMA. The bullish rally breaks above the falling wedge pattern, the possibility of which was mentioned in our previous article. However, the rally struggles to overcome sellers at $4. Therefore, a reversal to retest the bullish breakout is possible. SAND/USD Daily Chart SAND Technical Analysis The SAND technical analysis shows the coin price struggling to overcome the selling pressure at the $4 mark despite the wedge breakout. However, the potential retest-fueled reversal can undermine the bears and drive the prices higher fo...