•SAND/USD is currently priced at $1.04 and has decreased by 10.67% over the past day
•The trading volumes have surged by 16.61% over the past 24 hours
•The technical indicators suggest bearish momentum to continue
Short Term View: Price decrease proves to be the death knell for SAND Crypto
The Sandbox price today is $1.04 USD with a 24-hour trading volume of $428,037,761 USD. The Sandbox is down 10.67% in the last 24 hours. The trading volumes have increased over the past day amid increased profit booking whereas the Volume to Market Cap Ratio stands at 0.3277 for the altcoin.
The Sandbox started the year on a great note, and it was expected that it would continue with the same momentum. Yet the jumbled market sentiments restrained the asset and compelled The Sandbox price to slash considerably below its all-time high of $8.44, which it reached on Nov 25, 2021. The coin is currently in the middle of a downtrend as it trades below the 20 and 50 SMA on the four hour chart. If the bears continue to make their presence felt, the SAND Crypto prices could tumble all the way down to $0.90. However, if the bulls are able to rear their heads once again, they could find resistance at $1.10.
Long Term View SAND Crypto
The Sandbox price has also fallen prey to the bear invasion over the past week as the altcoin dipped significantly as a bearish notion was overhauling the entire crypto market. The green histograms have reduced in size on the daily MACD while the MACD and signal lines continue to transact in the negative territory. This suggests that there is overhead selling pressure in the market which has led to SAND Crypto undergoing significant reforms. The RSI indicator is no better off, with it steadily decreasing in value and currently stands at 45.61.
Conclusion
The Sandbox has witnessed remarkable growth over the past day, but the bears are still at large and haven’t given up. If the asset continues in its current form, the bears will have a field day. The next couple of days will provide us with an insight into the future course of the coin.
Support: $1-$0.90
Resistance: $1.10-$1.20
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: How lock-ups in staking and liquidity pools result in hindering crypto mass adoption?
Source: https://www.thecoinrepublic.com/2022/06/29/sand-price-analysis-the-sandbox-is-on-a-downtrend-as-bears-rake-in-profits/