Crashing SAND Prices Warns 25% Downfall

Sandbox (SAND) price fails to sustain close to the 50-day EMA resulting in a sharp bearish reversal crossing under the 20-day EMA. The falling prices struggle to sustain above the $1 psychological barrier. However, the dark bearish clouds over the crypto market warn against the fallout possibility. If the coin price fails to show sustainability above this mental barrier, the traders can expect a 25% dump to $0.75.

Key points: 

• The SAND chart shows a struggling bullish attempt to sustain above the $1 mark.
• The market prices crashed due to the supply dump at the 50-day EMA.
• The intraday trading volume in SAND price is $428 Million, indicating a 16.16% rise.

Source- Tradingview

On June 26th, the 60% bullish rally in SAND prices (starting a week prior) failed to surpass the 50-day EMA close to $1.30. The supply dump due to profit booking above $1 brought the under market back to the psychological mark ($1) within a week. 

The selling spree creates a streak of long-wick candles asserting the bearish dominance over the SAND/USD price chart. Hence, traders can expect the short-term trend to be extremely bearish with an inevitable possibility of the $1 fallout. 

However, the bearish trend lacks the support of increased trading volume, adding points to an early reversal under $1. Hence, traders can expect the downfall to $0.75 to reverse abruptly from the weak support level at $0.85.

And in an unlikely event of price sustaining above the $1 mark, a reversal rally crossing above the 50-day EMA to hit the $1.50 is possible. 

Technical indicator

The SAND price taking a bearish turn influences a sharp reversal in DI lines resulting in a dramatic fall in the bullish spread. The lines are ready to give a bearish crossover and announce a trend reversal. 

The market price reversed from the 50-day EMA crack under the 20-day EMA displaying a solid bear cycle.

• Resistance levels- $1.10 and  $1.27
• Support levels- $0.97 and $0.75