Let's have have a look at SAND technical analysis.
The support zone between 0.58 and 0.60 is crucial. If SAND manages to hold above this support level, it suggests that there is buying pressure at these prices, and it could help the price rebound, avoiding further downside.
A failure to hold this support could trigger a breakdown, pushing the price lower.
Bullish Scenario (Breakout Confirmed):
If SAND breaks above the resistance level and confirms the breakout, it could lead to a strong upward movement.
Target Levels for the potential rally:
0.69 (Initial resistance, psychological level)
0.75 (Next resistance zone)
0.81 (Further resistance level)
0.96 (Near-term peak target, potentially the next major resistance)
These levels represent potential upside targets where SAND could encounter resistance, and price might face challenges advancing past these points.
Bearish Scenario (Breakdown):
If SAND breaks below 0.58-0.60, the next possible downside support level is 0.52.
A breakdown below this support level would indicate a bearish trend. The 0.52 level would be a key area to monitor for price stabilization, where it may attempt to find support again.
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