SANDUSDT's Trendline Break: A Path to 81% Gain?

7 sie 2023

💎#SANDUSDT has recently showcased a double bottom pattern on the daily chart, coinciding with the price reaching the lower boundary of the declining channel. This alignment with support triggered a decisive bounce, reflecting strong demand.

💎Following this upward movement, #SAND entered a consolidation phase, remaining under the influence of the long-term downtrend trendline. However, the price has now approached a critical support level, marked by the 61.8% Fibonacci retracement at $0.3900. The ParadiseTeam's focus is now on this level, as holding it, coupled with a break above the downtrend trendline, could significantly amplify buying pressure. This scenario presents an attractive risk/reward opportunity with a high likelihood of success.

💎After breaching the trendline, the price has the potential to reach the 38.2% Fibonacci resistance, aligning with the 200 Simple Moving Average. This translates to a growth potential of 44%. But the prospects don't end there; if #SAND surpasses the 200 SMA, the next target could be the 61.8% Fibs, offering an impressive 81% gain.

💎On the bearish side, temporary dips below the current support at the 61.8% Fibonacci level may occur without negating the bullish outlook. However, a price drop below the $0.3310 low would serve as a warning to buyers.

💎Ladies and Gentlemen of ParadiseClub, stay tuned as we navigate the dynamic world of crypto, where staying informed and adaptable is key. Happy trading! 🌴