- The SAND token price is trading at the supply zone after bouncing from the demand zone.
- The token price is forming a falling wedge pattern on a daily time frame.
- The pair of SAND/BTC is trading at the price level of 0.00003205 with an increase of 1.90% in the past 24 hours.
According to price action, the SAND token price is currently trading in the area of significant long-term demand. The token price has returned to the demand zone due to recent bearish pressure in the wider cryptocurrency market. On a daily time scale, the token price is within the lower low and lower high formation.
The red trendline’s downward slope, which serves as a strong supply zone, resulted in constant rejection for the token price. The token has repeatedly landed beyond the demand zone. As the token price rises, the most recent higher high is being rejected. After failing to surpass the top band, the price of the SAND token is currently trading at the bottom band of the Bollinger band indicator. The 50 and 100 MAs are currently below the SAND token price.
The significant MAs have broken down as a result of the recent decline in the price of the SAND token. As it rises, it can be seen that these MAs are exerting significant bearish pressure on the token price. As the token price decreased to the demand zone, volumes rose. As a result, volatility is bound to increase in the upcoming trading days and therefore investors should remain cautious.
The SAND token price if forming a falling wedge pattern on a daily time frame
Moving Average Convergence Divergence: The SAND token price is trading at the demand zone after falling from the supply zone. The recent fall in the price of the SAND token price triggered a negative crossover on the MACD indicator. The blue line crossed the orange line on the downside. If the token price can sustain at the demand zone and bounces off it breaking the falling wedge pattern, the MACD lines can be seen triggering a positive cross-over. Investors should wait and watch for a proper signal of the trend as a breakdown of the current long-term demand zone will trigger the MACD line widening supporting the trend.
Relative Strength Index: RSI curve is trading at the level of 44.24. The RSI curve has crossed the halfway mark of 50. Once the token crosses the supply zone of 4.50 the token price can be seen moving up with strong bullish momentum. The RSI curve has crossed the 14 EMA yellow line indicating a short-term bullishness. Once the RSI crosses the halfway mark of 50 the SAND token price can be seen breaking the supply zone, supporting the trend.
Supertrend: The SAND token price fell from the important supply zone on a daily time frame. As a result, the token price gave a breakdown of the super trend buy signal line. Since then the SAND token price has been in a strong downtrend. Moving forward the token price can be seen facing bearish pressure at the super trend sell line. The breakout of the falling wedge pattern on the daily time frame can trigger a super trend giving a buy signal.
Conclusion: SAND token price is in a strong downtrend. Price action suggests the same as the token price breaking the important demand zone. The technical parameters are also bearish supporting the trend on a daily time frame. Investors should wait for a breakout of the falling wedge bullish chart pattern in a 4-hour time frame and then act accordingly.
Support: $0.53 and $0.55
Resistance: $0.59 and $0.63