- Sandbox Price Prediction suggests a rise in the long term but sellers dominate the short term.
- SAND Price fell 11% overall due to selloff in the overall crypto market.
- The SAND crypto witnessed a sudden rise in the selling volume.
Sandbox Price Price fell 11% overnight and witnessed a massive spike in the selling volume. The overnight selloff in the prices of Altcoins is due to Bitcoin which gave up the $26K support.
SAND Price is in the consolidation phase and recovering from the lower range but the recent sell off has eroded the gains. Sudden rise in volume shows that short term traders had booked the profits due to the fear of losing it all.
Sandbox Price again dropped below the 50 day EMA indicates the trend is down. However, the 200 day EMA is reversing sideways shows the downfall might take halt soon and likely to enter consolidation.
At the mid of march, Sandbox price showed a decent recovery of 44% approx from the $0.5000 support. However, the recovery was not long lasting and prices faced resistance at $0.7320. After consolidating for a few weeks the SAND prices reverted in the downward direction.
Sandbox Price is trading at $0.5218 with an intraday decline of -0.13%. The 24 hour volume to market cap ratio is 0.3557. The pair of SAND/BTC is trading at 0.00002011 with a decline of -0.98%. The trend is down but buyers are trying their best to rebound.
Will the Sandbox Price recover the losses soon?
Sandbox Price did not perform well in the past few months and traded with a bearish bias. It corrected 28% from the swing high and formed a bearish pattern. However, the downfall halted near the $0.5000 which is acting as an immediate support.
Till SAND crypto price holds $0.5000 the possibility of rebound is in the favor of bulls. The responsive buyers seem to be active at lower levels and it will be difficult to pull the prices further down.
The Sandbox price will gain momentum when the buyers are able to break the $0.7321 hurdle. Till then SAND crypto is expected to spend time in range.
The technical analysis suggests, Sandbox Price is consolidating near to the demand zone and likely to expand the range upward to recover the losses.
SAND Price formed bearish engulfing candle
SAND Price is price forming a bearish engulfing candle on a weekly time frame. However, till the price holds the support it’s better to avoid creating fresh shorts.
The correlation between SAND with BTC is 0.74 which is quite high. Therefore, If BTC price recovers then it may positively impact the SAND prices.
Technical indicators like MACD are one way to generate a negative crossover. It indicates mild bearishness. The RSI at 44 slopes down denotes weakness and might test the oversold territory soon.
Conclusion
Sandbox Price Prediction suggests a rise in the long term but for the short term it seems to be in the bear grip.
The SAND Price fell 11% overnight due to selloff in the overall market. The technical analysis says the recent fall is due to external factors and looks temporary.
Technical levels
Resistance levels: $0.7321 and $0.9000
Support levels: $0.5000 and $0.3768
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.