🔎 #SAND Analysis

The coin corrected in a zigzag ABC and reached the $0.4 level, where increased volumes appeared. After this level was crossed, the price presumably began to form an upward five-wave cycle according to the Elliott📈 theory. The cycle began to form on above-average volumes. Wave I ended at $0.68 and moved to corrective wave II. It ended just above the $0.4 support.
Now the formation of the third wave is presumably taking place. The approximate target according to the trend Fibo extension is $1. For the wave to form correctly, it is necessary to overcome the maximum of wave I. Now the price is having difficulties around the $0.6 level. The correction of BTC was reflected in the upward momentum of this coin.
Let's take a look at the local 4H timeframe. The $0.6 level acts as a local resistance. The seller's volumes are noticeable on the declining candlesticks. Perhaps this is due to the fact that the token is used in the Sandbox metaverse, so it is periodically sold to make a profit from the game. Players could take advantage of the rise in the rate from the lows and start draining coins.
On the other hand, there may be a major player who loads the position with limits. One way or another, in order to continue growing, it is necessary to beat the high I of wave $0.68. If this happens, the upward cycle will form according to the theory. If the price goes well below the $0.6 level and heads towards support, the structure will break down and the cycle will cease to be relevant.
The bearish crossover of the MACD speaks in favor of a local decline. The chart is already colored by the seller. If the local decline does not violate the conditions of wave III, the growth will continue. The ADX indicator indicates a bearish trend. The positive moving average is significantly lower than the negative one, which, in turn, has already crossed the trend at 29 points.
Both timeframes contain somewhat contradictory information. The further direction of the price movement will depend on the fulfillment of the conditions. BTC has now almost recovered to its previous values after a correction. In the current market, while the first cryptocurrency is growing, altcoins are practically not moving. As soon as there is a significant upward movement, some are pulled up, while others are corrected. If the capital from the BTC profit gets to our coin, it will have a positive effect on its price.