Sandbox price prediction stays bearish till the SAND crypto price trades below the $0.5000 level. However, the prices look oversold and the bears are losing momentum.
SAND price is trading below the 50-day and 200-day EMA. It showcases the trend is in a downward direction. Regardless, the current price is far away from the EMA so a short-term pullback is possible.
In the mid of August, Sandbox price broke down the crucial support of $0.3500. It triggers the negative sentient and invites further decline.
Presently, the prices are spending time in a consolidation range between $0.2746 to $0.3500. Buyers are trying their best to defend the lows but no strong signs of recovery are visible.
For the past few months, the price declined by forming lower low swings and eroded a big portion of market capitalization. The prices have corrected a lot so the downfall might halt soon.
Sandbox price is trading at $0.2979 with an intraday rise of 0.88%. The 24-hour volume to market cap is 4.68%. The pair of SAND/BTC is trading at 0.00001116 with an intraday rise of 0.27%.
Will Sandbox Price Break the Chain of Lower Swings?
Sandbox price prediction suggests short-term bounce in the SAND crypto is possible. It is trading near to the multi-year low so short sellers should remain careful. If the crypto leader BTC and ETH price recovers then SAND crypto might also take a U-turn.
However, the short-term pullbacks may face difficulty in sustaining on the higher levels. So, until the price breaks the $0.5000 level the possibility of a bullish trend reversal is low.
The technical analysis suggests that the Sandbox price needs fresh buying to halt its downfall. Else, the correction will continue and new lows may be visible.
SAND Price Formed a Doji Candle in a Weekly Time Frame
SAND price formed a Doji candle in a weekly time frame. It indicates indecisiveness and lack of direction. Previously, Sandbox prices fell for seven consecutive weeks so a relief rally may trigger anytime from the lower levels.
The MACD curve trading below the zero line indicates bears are still active. The RSI at 40 denotes weakness but if the prices recovers then it may reach the neutral zone.
Conclusion
Sandbox price prediction is bearish till it trades below the $0.5000 level. SAND price had corrected a lot from its YTD high so the downfall might take a halt near to $0.2000 level. The analysis suggests that the SAND crypto is in bears’ grip and no reliable signs of recovery are visible.
Technical levels
- Resistance levels: $0.4000 and $0.5000
- Support levels: $0.2984 and $0.2000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/18/sandbox-price-prediction-are-signs-of-recovery-visible-in-sand/