SAND/USDT:
1. Support and Resistance
Support:
Strong support is seen around the 0.2082 level. This is the previous low which indicates a potential buying area.
Resistance:
The nearest resistance is at 0.8948 (current price).
The next resistance is at 1.0868, which is a potential selling area if the price breaks through it.
2. Stochastic RSI Indicator
The Stochastic RSI is currently showing a reading of 91.46, which means the market is in the overbought territory. This usually indicates that the price is likely to experience a correction in the near future.
3. Volume
The recent spike in volume indicates increased interest in the asset, likely due to some news or market catalyst.
4. Buy and Sell Strategy
Buy: Wait for the price to approach the support around 0.6154 (minor support) or 0.2082 (strong support). Make sure there is a confirmation of a reversal before buying.
Sell: The sell target is at the resistance at 1.0868, or when the indicator shows a higher overbought condition without a continuation of the trend.
Important Notes
If the price manages to break through the resistance of 1.0868 with large volume, this could be a bullish signal, and the next target could be higher.
Conversely, if the price falls below the support of 0.6154, the potential for a decline towards 0.2082 is very large.
Always use a stop-loss to avoid large losses, and make sure to follow risk management.
