It appears that after months of gains, the market is finally looking at a possible reversal soon. The good news: we may be in for some more volatility and excitement!
The “when was the last market correction” is a question that is commonly asked. The charts indicate towards a reversal soon.
In October, the price of sand (SAND/USD) increased by more than 130 percent, and it has already increased by more than 60 percent in November. Sand is a fundamentally solid currency that has lately risen in value as a result of Facebook’s Metaverse rebranding. Sand, on the other hand, has already corrected by over 25% from its high of $3.4 in November, and was over 5% in the red on Monday.
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Following the rapid surge in November, the RSI entered the overbought zone; however, the RSI has begun to decrease, indicating that a bounce-back is imminent.
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After a lengthy period of price accumulation, a massive breakthrough was noticed, indicating that Sand might yet provide a massive surge.
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Sand has returned to an important demand zone, which may be the make-or-break zone for the commodity; if a rebound occurs, a new all-time high might be achieved.
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Sand might tumble to $2 if the zone is breached.
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Sand’s price has soared in such a short amount of time that it has developed very few support levels, thus investors should retain a stop loss around $2.089.
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It has also found support around the 0.382 Fibonacci level, suggesting that the outlook for the following weeks is quite optimistic.
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Sand might yet break out of the critical support zone around $2.43, therefore a long entry could be considered after a definite reversal is apparent, not before.
Conclusion
The bulls might return to Sand in the near future, perhaps setting a new all-time high. Sand, on the other hand, might yet break down from the support zone it is now in, since it has not yet offered a definitive reversal.
Is the adjustment finished in sand? The post Charts pointing to a turnaround shortly appeared originally on The Home of Altcoins: Everything You Need to Know About Crypto, Bitcoin, and Altcoins | Cointext.com.
A “double bottom pattern meaning” is a chart pattern that indicates a reversal soon. The double bottom pattern can be found in the sand, and it’s also called an ABCD pattern.
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