BeInCrypto takes a look at the price movement for seven different cryptocurrencies, including the Sandbox (SAND), which has been moving upwards with strength since Jan 22.
BTC has been following a descending resistance line since Nov 10, 2021. So far, it has made three breakout attempts (red icons), most recently on Feb 1.
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Since resistances get weaker each time that are touched, the next closest resistance would be at $46,750. This is the 0.382 Fib retracement resistance level.
ETH has been following a very steep ascending support line since Jan 4. Most recently, it bounced at the line on Jan 31 (green icon) and proceeded to break out from the $2,640 horizontal resistance area. The area is now expected to provide support in case a short-term drop transpires.
The long-term readings indicate that the upward move is expected to continue.
SXP has been increasing alongside an ascending support line since Jan 25. When combined with the $1.35 resistance area, this created an ascending triangle, from which SXP broke out on Feb 2.
If the token increases the entire height of the pattern, it would reach a high of $1.57, reaching the 0.618 Fib retracement resistance level in the process.
LUNA has been falling since reaching an all-time high on Dec 27. The decrease led to a low of $43.44 on Jan 31. So far, it has decreased by 50%.
However, the token bounced afterwards and created a bullish engulfing candlestick (green icon). This also served to validate a descending parallel channel. The first resistance area is at $55, created by the middle of the channel.
RUNE has been falling alongside a descending resistance line since Nov 2. So far, the downward movement has led to a low of $3.25, which amounted to a decrease of 76%. Similarly to BTC, RUNE is following a descending resistance line. The trend cannot be considered bullish until it manages to break out from this line.
The closest resistance area is at $6.50.
Similarly to LUNA, SAND has been falling inside a descending parallel channel since reaching an all-time high price on Nov 25. The downward movement led to a low of $2.55 on Jan 22. SAND has been moving upwards since and has increased by 55% so far.
The ongoing bounce has also served to validate the $3.20 area as support.
A breakout from this channel would confirm that the correction is complete.
CRV has been falling since Jan 4, when it reached a high of $6.80.
On Jan 24, it reached a low of $2.36 (green icon) and bounced. The bounce served to validate the $2.50 area as support, which has been in place since Oct 2021.
If the upward movement continues, the closest resistance area would be at $4.07, created by the 0.382 Fib retracement resistance level and a horizontal resistance area.
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