- SAND bounces off the support level.
- The pair of SAND/USDT at the price level of $0.419 with a decrease of -3.75% in the past 24 hours.
2022 was a bad year for the cryptocurrency currency market, with several cryptocurrencies losing more than 90% of their value and making new all-time lows. SAND token is going the same route, with bears pushing down the token’s price.
SAND on the daily chart
Token is trading in a downward parallel channel respecting the highs and lows of the channel. SAND is presently trading at $0.419, a loss of -3.75% in the last 24 hours, as shown on the daily chart. It is now trading below its key Moving Averages of 50 and 200. (Red line is 50 EMA and the blue line is 200 EMA). The token’s overall outlook is bearish, with bears in command of the trend. Token has recently recovered from a significant support level of $0.379.
Relative Strength Index: The asset’s RSI curve is presently trading at 36.87. After entering a strong oversold zone, the RSI curve rebounded and crossed the 14 SMA in an upward direction as the price bounced off the support level. But as the token is in downtrend and if the token once again makes lower low we may see a drop in the value of RSI curve going below 30 which is a strong oversold zone.
Analyst view & Expectations
Since the token is trading in a downward parallel channel and the overall outlook is bearish, investors should wait for the token to break out of the channel in an upward direction with high volume. Token will struggle to break 50 EMA since it is continually giving resistance. Intraday traders, on the other hand, have a decent opportunity to go short if the token breaks the $0.379 mark.
According to our current The Sandbox price prediction, the value of The Sandbox will fall by -7.95% and hit $ 0.376521 in the coming days. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 26. (Fear). Over the previous 30 days, the Sandbox has 12/30 (40%) green days and 14.47% price volatility. According to our The Sandbox forecast, now is not the moment to buy The Sandbox.
Technical Levels
Major support: $0.379
Major resistance: $0.450 and 50 EMA on daily time frame
Conclusion
The token has bounced off the support level but continues to trade in a downward parallel trend. It is a small pullback or retracement after a sharp decline in token’s price. Investors should wait for the token to break out of the channel in an upward direction before investing.
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/01/08/sand-price-analysis-will-the-bulls-be-able-to-hold-the-0-379-mark/