At press time, the indicators on the four-hour charts showed an extremely bullish SAND. For example, after a slight pullback, the Relative Strength Index was back in the overbought territory. This indicated that buying pressure remained strong.
The Directional Movement Index is further evidence of the strength of buyers in the market. Buyers had the upper hand at 36 points, while sellers were at 12 points. Still, there was a slight downward trend on the buyers’ side, which may indicate a slight decline in buying pressure. In addition, the on-balance volume reached new highs, indicating increased trading volume, which reinforced the recent buying pressure and price increase.
If the momentum continues, SAND could rise and reach $0.4524 again. Risk-averse traders can take profits at this level. However, a break below the immediate support at $0.4319 would invalidate the above bias. Such a downside move could find new support at the 61.8% Fib level of $0.4228.
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