The SAND/USD chart showed an impressive recovery from the $2.76 mark, displaying a 72% ROI. However, the rally couldn’t surpass the descending trendline and rejected to the immediate support of $4.1. If bears sustain below this, the selling pressure would intensify and sink the coin to $3.5.
Key technical points:
- The SAND buyers lost the 20-day SMA support
- The intraday trading volume in the SAND token is $1.3 Billion, indicating a 3.6% loss.
Source- Tradingview
The SAND/USD buyers continued their recovery in February and surged to the $4.8 mark. However, the confluence of several technical levels, i.e., descending trendline, 50 and 100 DMA, mounted stiff resistance at this mark and reverted the altcoin below the immediate support of $4.1.
The coin price currently trading at $4.03 registered a 15.5% decline since last week. The sustained selling could pull the altcoin to $3.5 or 2.76 support, indicating bears are selling on rallies.
The daily-MACD indicator shows the fast and slow line failed to rise above the neutral zone(0.0). A bearish crossover among these lines projects a sell signal for crypto traders.
The down-slopping 50- SMA accentuates the aggressive selling from bears. Moreover, the coin price also slips below the 20-SMA, providing an additional edge to short sellers.
Descending trendline Leads The Minor Pullback
The recent retracement respects a descending trendline to maintain the steady downfall. Until this dynamic resistance remains intact, the SAND price will continue to decline.
By press time, the SAND/USD technical chart shows lower price rejection to the daily candle, suggesting the buyers are trying to defend the $4 psychological level. If they succeed, the buyers would push the pair above the descending trendline and rechallenge the resistance trendline.
- Resistance levels- $3.8, $4.4
- Support levels are $3.3 and $2.7
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/sandbox-price-analysis-descending-trendline-threatens-30-fall-in-sand-price-should-you-sell/