Biggest Movers: SAND up by 12% on Wednesday, Hitting a 10-Day High

SAND surged by as much as 12% on Wednesday, as prices moved to a ten-day high during the session. The rise comes as crypto markets were mostly in the green, with AVAX also rising over the course of the day. As of writing, the global crypto market cap is nearly 3% higher.

The Sandbox (SAND)

SAND was one of the notable movers on hump day, as prices of the token rose by as much as 12% over the course of the day.

After falling to a low of $1.12 on Tuesday, SAND/USD moved to a high of $1.28 earlier in today’s session.

The move saw the token climb to its highest level since June 25, moving closer to a key resistance level in the process.

sandusd 2022 07 06 15 51 23 5e14d
SAND/USD – Daily Chart

Looking at the chart, this resistance is at the $1.35 point, and has not been broken since late May, when prices were trading around the $1.50 mark.

In order to not only reach this ceiling, but potentially break it, we would need to see the 14-day RSI move beyond a hurdle of its own.

As of writing, the Relative Strength Index is tracking at 57.50, which is slightly below a resistance level of 58.



Avalanche (AVAX)

AVAX was also in the green over the course of Wednesday’s session, as the token similarly moved towards a resistance point.

Wednesday saw AVAX/USD rally to an intraday peak of $18.90, which is over $2 higher than yesterday’s low at $16.75.

As a result of this recent bullish pressure, avalanche is now moving towards a resistance point of $20, which hasn’t been hit since June 27.

avaxusd 2022 07 06 15 51 19 ef036
AVAX/USD – Daily Chart

Similar to SAND, in order for AVAX to continue to trend higher, we would need to see it break out of its resistance level at 47, on the RSI indicator.

The recent volatility in prices can be seen by looking at the moving averages, which have been intertwined in recent days, following a cross between the 10-day and 25-day MAs.

Once this turbulence fades, we may begin to see prices in a clearer direction in momentum, especially in the short term.

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