$SAND is a prominent cryptocurrency in the metaverse sector, offering a virtual world where users can create, own, and monetize gaming experiences.
Buy Zone: Based on recent technical analysis, a potential buy zone for SAND is around $0.3594, which serves as immediate support. This level may provide a favorable entry point for investors looking to capitalize on potential upward movements.
Targets: If SAND maintains its bullish momentum, the following target levels could be considered:
First Target: $0.4026, aligning with the 24-hour high and immediate resistance.
Second Target: $0.4350, corresponding to the 23.6% Fibonacci extension level.
Third Target: $0.4850, aligning with the 61.8% Fibonacci extension level.
Stop Loss: To manage risk, setting a stop loss slightly below the immediate support level is advisable. A stop loss around $0.3389, near the 25-day Exponential Moving Average (EMA), could help protect against potential downside movements.
Conclusion: Investors should monitor SAND's price action around the $0.3594 support level for potential entry opportunities. Targeting the resistance levels at $0.4026, $0.4350, and $0.4850 could yield favorable returns, while implementing a stop loss near $0.3389 can help mitigate risks. As always, it's essential to conduct thorough research and consider market conditions before making investment decisions.