Terra, SAND, Dogecoin Price Analysis – February 1

Dogecoin bulls endeavored to climb beyond EMA ribbons following a brief consolidation period. That comes after the crypto marketplace joined the green territory within the past day. Also, Terra’s 4hr RSI secured a close beyond the half-line.

SAND created a reversal formation following staggering gains last week. A close below 54 (RSI) might attract a possible breakdown.

Terra (LUNA)

The resistance at $$86.49 remained stable as LUNA witnessed an upward channel breakdown. That led to a 50.1% drop since January 17 towards 2-month lows on January 31 after the alt lost the golden FIB level.

Meanwhile, the previous 24 hours had the crypto gaining by 21.5%. For now, the bulls’ testing point stands at $53, beneath the 50-Simple Moving Average. Any reversal would secure support around 20 Simple Moving Average.

While publishing this blog, LUNA trades at $53.38. The RSI recorded a 27-point revival following a downward channel breakout. That had the indicator reclaiming the half-line and displayed a brief bullish edge. Moreover, the Awesome Oscillator formed higher highs as it neared the equilibrium, highlighting decreased selling influence.

Dogecoin (DOGE)

DOGE experienced a 44.03% correction since January 14 to hit 9-month lows on January 22. That way, the recovery period formed a bearish pattern on the 4hr chart. However, the meme coin has consolidated in $0.1456 – $0.1379.

The EMA Ribbons saw the gap between them decreasing during the period, hinting at a gradual surge in buying strength. The nearest obstacle for bulls remained around the 55 exponential moving average. While publishing these updates, Dogecoin traded at $0.1429. The RSI managed to sustain beyond the half-line within the last day.

Moreover, the northbound Chaikin Money Flow revealed a bullish trend after crossing the zero-line. Nevertheless, the ADX highlighted feeble directional bias for the token.

Sandbox (SAND)

The latest upside channel rally failed to overpower $4.12 as bears remained dedicated to halting the swift surge. SAND registered a 63.4% retracement since December 26 peak, poking 2-month lows on January 22.

The token has seen a more than 54.9% recovery since the January 24 low. Meanwhile, bears ensured a resistance around the up channels half-line over the previous two days. A plunge beneath the up channels bottom trend-line would trigger more breakdown.

While publishing this article, Sandbox traded near $3.9615. The Relative Strength Index saw a steep surge within an upward channel. It retested 54 after breakdown and tried to retest the level during this publication. Meanwhile, the Squeeze Momentum Indicator (SMI) displayed black dots, suggesting low volatility in the short term.

By Edward Richardson
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