- The price fell 7.95 percent in the last 24hrs
- The altcoin is trying to recover
- The relative strength index is below 40
The Sandbox is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralized autonomous organizations (DAO) and non-fungible tokens (NFTs), the Sandbox creates a decentralized platform for a thriving gaming community. The Sandbox is a unique platform because it introduces blockchain technology to the world of gaming.
After falling below the mark of $1 SAND recovered and is currently trading at a price of $1.20 with a loss of 7.46% in its market capitalization. The price made a lower low of $1.15 in the last 24 hrs trading session.
During this past week, it lost its crucial support of $1, and recovered a bit but not enough to stand in the market. The price is again showing a downtrend over the daily time frame. It has a trading volume of 369 million which is currently, at a gain of 19.55%, and a market cap of 1.4 billion with a loss of 6.61%. The value of volume market cap ratio for SAND IS 0.2503. The exponential moving average stands at $1.38. While the SAND/BTC has a value of 0.00004095 with a decrease of 4.94% in it.
Sand bears pulled the altcoin down to $1 (or below) last week. This devaluation has affected the bullish capability to find a convincing close above its point of control.
Short term analysis
The short-term graph is also giving the same type of pattern (downtrend) but it seems that the bulls started fighting to support the ecosystem as the last 2 candles are green showing the bull’s interest in getting back. While technical indicators, like MACD, is also giving the indication of a bearish movement as the gap between MACD and MACD signal is getting broader, bulls had to fight with tough competition as the bears are currently dominating the market.
If the bulls keep fighting there are chances of a trend reversal.
The relative strength index value is below 40.
Conclusion
Currently SAND is facing a bearish impact, but it seems that the bulls are not the spectators here, they have started fighting to get control over and if it continues soon the price will climb again.
Technical levels
Resistance: $1.30 and $1.40
Support: $1 and $0.80
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
ALSO READ: Babel Finance Halts Withdrawals Following Celsius; Amber Group Reveals Where It Stands
Source: https://www.thecoinrepublic.com/2022/06/19/sand-price-analysis/