SAND treads water above a demand zone, can another wave of buying commence next week?

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

The Sandbox has seen some demand for its token SAND over the past month. Bitcoin saw a decent bounce in July. However, SAND was in an upward trend on lower timeframes since the last week of June, as the buyers initiated a recovery from the drop to $0.7. Since then, the $0.96 and $1.27 resistance levels were both flipped to support. Could the momentum continue, or has demand dried up?

Source: SAND/USDT on TradingView

In May, SAND held on to the $1.27 support level and established it as an important level for the bulls. Thereafter the price fell beneath it in June, but a couple of weeks into July SAND has already been hauled back above the same level.

In late June, the cyan area at $1.2 highlighted a bearish order block, which has since been flipped to a demand zone. The higher timeframe Relative Strength Index (RSI) has also been above neutral 50 for the past three weeks.

Taken together, the momentum was concluded to favor the bulls over the past month and a half. In terms of price action as well, the price has set a series of higher lows and higher highs since mid-June.

Source: SAND/USDT on TradingView

Zooming in on the four-hour timeframe, we can see two waves upward for SAND from mid-June. One rally took SAND from $0.8 to $1.3, and a subsequent pullback to $0.95. Another push higher was from $0.95 to $1.49.

Based on the latter move, a set of Fibonacci retracement levels was plotted. The 38.2% retracement level sat at $1.288 and had confluence with the cyan demand zone, as well as the $1.27 support level from May.

Indeed, SAND has respected the 38.2% level as support thus far.