- In terms of daily price charts, the sandbox coin has been on the market for over two weeks.
- The sandbox coin has been struggling for a long time bearish, despite a sideways trend on the lower time frame.
- SAND/BTC pair price is down 4.3% from 0.0000404 Satoshis.
The sandbox coin appears to be extremely bearish on higher time frames such as daily and weekly. With a downside momentum, SAND is struggling below a falling trendline (Yellow) in the context of the daily price chart.
The SAND trend follows sell-on growth technique. But nowadays, the SAND outlook is sideways in the narrow horizontal range between $1.5 to $1.1 range. And the bulls are targeting a downside break above this range and the crucial round level of $1.0.
At the time of writing, Sandbox is trading at the $1.18 mark, which is slightly lower in an intraday trading session. Meanwhile, the sand is down about 10% this week.
Thus, the market cap has fallen 7.2% to $1.4 billion in the last 24 hours according to CMC. Moreover, the SAND/BTC pair is trading 4.3% below 0.0000404 Satoshis.
Amid the Middle East trend, the daily volume bars remain below the moving average line and show extreme sideways movement in the altcoin. But last night traders saw a jump of almost 30% in trading volume.
Is $1.0 mark a support level for SAND?
The key span A of the Ichimoku indicator (at the $1.3 mark) was an important bear sell area. And recently the bulls failed to reclaim the price of sand in its red cloud on the daily price chart.
Stoch RSI is going to dip into the highly oversold area in the daily price scale.
Conclusion
The bears are looking so aggressive for a sell-off. Meanwhile, technical indicators are also in favor of short-sellers. But nonetheless, the bulls are likely to make an attempt to defend the crucial $1.0 level.
Resistance level- $1.5 and $2.0
Support level- $1.0
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.