- The SAND token price has been experiencing a downtrend for a long time.
- It is trading at $0.283 with an uprise of 1% in the last 24 hours.
- The token is also trading under the demand zone.
SANDBOX has been under a severe downfall for a long time. The token did its last bullish rally at the start of this year. It took support from the level of $0.38 and went up to $0.94, giving an upward movement of approx 145%. The SAND Token price has been under a downtrend since then.
It marked its all-time high on 25th Nov 2021, when the token was priced at $8.44 with an all-time high market capitalization of $6.66 Billion.
The token is trading with a surge in the trading volume by 22.15% in the last 24 hours.
The present market capitalization of the token is $585.96 Million. It has a circulating supply of 2.06 Billion SAND coins, which is 68.93% of the total supply. The 24-hour trading volume of the token is $23.96 Million.
Sentiment Analysis
The total market volume of the token has a repulse of 39.04% in a week. Total social engagements have increased by 123.6%. The total bullish sentiments have an upsurge of 41.81%. Overall sentiments indicate a bearish move for the present scenario. The price can start increasing once the bulls enter the market and the volume starts to increase.
Technical Analysis of SAND (Daily-1D)
The chart shows that the token has confirmed a bearish trend one more time. The price is getting rejected from a bearish trendline. It is currently trying to take support from the level of $0.28 to $0.30. The price is moving below the 50-day EMA, showing a bearish trend in the price.
The price has to give a breakout from the bearish trendline to come out of the bearish trend, the price has to also get above the resistance level of $0.32 for a major upward movement. Bulls can anytime enter the market to make a change. They need to be pushing the price upward significantly to diminish the bearish investors sitting at the bearish trendline and the resistance level.
Also, If the price gets rejected again from the bearish trendline, the price can fall further down from the support level of $0.28 to $0.30. The SAND coin price may also get above the trendline but can be rejected from the resistance of $0.32. It may fall again into the support zone of $0.28 to $0.30.
Indicators About The Price Of SAND
Relative Strength Index (RSI)
The RSI line is presently moving at 37.54 points and the SMA 14 is moving at 43.89 points. Both are below the neutral level of 50. The RSI indicates a bearish movement. The buyers are waiting for the price to enter into the oversold region and a positive crossover of RSI and SMA 14 to make their entries.
Moving Average Convergence/Divergence (MACD)
The fast blue line moving average is moving below the red slow line moving average. The histogram shows significant falls in the volume. Once the bulls enter into the market then the volume will start to increase.
SAND LIVE CHART
Conclusion
The overall analysis of the SAND token shows a bearish movement in the price after confirming the rejection from the bearish trendline. Once the SAND Coin price breaks this trendline and gets above the resistance level of $0.32, it might start recovering. It is likely to take one more rejection from the trendline. By the time the RSI enters the oversold region and from there the buying activity will start and the price might start an upward movement.
Technical Levels
Support Level: $0.28 to $0.30
Resistance Level: $0.32 and $0.38
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.