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.
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.
After a lengthy period of price accumulation, a massive breakthrough was noticed, indicating that Sand might yet provide a massive surge.
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.
Sand might tumble to $2 if the zone is breached.
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.
It has also found support around the 0.382 Fibonacci level, suggesting that the outlook for the following weeks is quite optimistic.
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.
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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