The Sandbox Price Prediction: Will SAND Escape Consolidation?

Sandbox is currently trading at $0.6505 with an increase of 2.65% intraday and is consolidating between its primary support and resistance.

The 24-hour low for SAND was $0.6328 and the 24-hour high was $0.6592.

The current Sandbox price is below the 20-, 50-, 100-, and 200-Day EMAs.

The SAND/BTC pair was trading at 0.00002314 BTC intraday, representing a slight gain of 1.53%. The SAND token, however, experienced a huge fall of 78.82% in the previous trading year under a prolonged bearish spell. Due to strong selling pressure in the market, the SAND token fell to its secondary support level of $0.382 at end of 2022.

SAND price has been on the rise since the start of 2023. After reaching its secondary resistance of $0.835, the token began consolidating and the increase in short positions by the traders in the market might be the cause of the prior downtrend.

However, when the token price hit its primary support of $0.531, the buyers became active in the market, pushing the token upward but got rejected by the primary resistance. Price prediction for Sandbox suggests that if the buyers push the token above its primary resistance, then the SAND token might be able to enter its supply zone.

The trading volume of the coin decreased by 2.45% in the last 24 hours, meaning that short-selling indicating an increase in short-selling. Sellers are trying their best and there is no relationship between the volume and the price of SAND. This indicates that the token might experience a short-term reversal over the daily trading chart.

The Sandbox Price Technical Analysis

The Relative Strength Index (RSI) is decreasing in the overbought zone and might show a negative crossover over the daily time frame chart, wherein the sellers are in the majority in the market and pushing SAND downwards. This shows the weakness of the current bullish trend. The current value of RSI is 51.71, which is above the average RSI value of 48.81.

The MACD and the signal line are intersecting near zero but do not show any definitive crossover on the daily chart which can support RSI claims.

Conclusion

Sandbox price prediction suggests that if the buyers push the token above its primary resistance, then the SAND token might enter its supply zone.

Furthermore, the RSI is decreasing in the overbought zone and might show a negative indicating weakness in the current bearish trend, However, MACD and signal line are stranded near zero indicating a neutral market, as per the technical indicators.

Technical Levels

Resistance level- $0.686 and $0.835

Support level- $0.531 and $0.382

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.