According to crypto analyst Akash Girimath, this altcoin has given its first bullish sign. The analyst says a 13% rebound rally is likely for SAND bulls. Also, the analyst notes that PEPE has developed a bullish divergence.
This altcoin price is ready to seize the day
Sandbox price took a deadly dip after failing to tackle continued range-bound movement. However, there seems to be a natural shift in investors’ sentiment following the recent rally that produced a higher top. Market participants can wait for a minor pullback to serve as a buying opportunity before starting a recovery bounce.
Altcoin price dropped 46% between February 8 and March 10, 2023. A tight consolidation followed. The range extends from $0.504 to $0.667. Also, SAND bulls have tried to overcome this twice in the past. However, it failed every time. After the last attempt in mid-April, there was a 33% drop in altcoin price. This drop formed a local bottom after sweeping the $0.504 low range. In addition to recovering above the mentioned range, SAND price formed a higher top at $0.542.
A change in the market structure that creates a higher top is a sign of a shift in investor sentiment. If the buying pressure continues, there is a good chance that SAND will pull back to $0.515 and trigger a 13% increase to label the midpoint of the range at $0.586.
SAND 1-day chartThe bullish outlook is reasonable for the sandbox price. However, the key requirement is for the bullish momentum to continue. If the price of Bitcoin experiences a sudden decline, it will bring down the altcoins along with it. If SAND bottoms below $0.504, the bullish thesis becomes invalid. Also, this development will potentially trigger a correction to $0.451. In dire situations, it is possible for altcoin price to revisit the $0.381 support base.
PEPE needs to make a decision soon
Altcoin price showed a bullish trend on the two-hour chart. Thus, it supported the prediction of a quick rally for the altcoin. Depending on how buyers play their hands, there is a nice opportunity in the next few days. PEPE price has made three lower lows since May 17. Also, the Relative Strength Index (RSI) and Awesome Oscillator (AO) produced higher lows. This mismatch is considered as bullish divergence.
Usually, this formation resolves to push the underlying asset higher. In this case, it is possible that the technical formation catalyzed a 24% rally for the PEPE price. However, for this rally to be successful, the meme coin needs to break the $0.00000164 barrier. Successfully breaking the above-mentioned resistance level and turning it into a support base could mean that PEPE price will retest $0.00000195.
PEPE 2-hour chartRegardless of the optimism seen in altcoin price action, investors first need to be wary of the bearish market outlook. If bitcoin price triggers selling, altcoins, including PEPE, are likely to follow. In such a case, if the altcoin price bottoms out below $0.00000147, the bull argument is invalid. Such a development could cause the meme coin to drop by 11% and tag the $0.00000131 support base.
51851
