SAND Price Prediction: Will SAND Price Hit $0.25 Mark?

• The SAND token is trading at $0.28650 with a gain of 1.77% during the intraday session.
• The SAND token is hovering below the 20, 50, 100, and 200-day EMAs.
• The price has been witnessing a downtrend trajectory since February 2023.

The price of the SAND utility token has shown impressive strength since the beginning of 2023, surging by approximately 146% within just one month. During this period, it has consistently followed an upward trendline, creating a series of higher highs and higher lows. The price went on to achieve an annual high at $0.94070 on February 8, 2023.

The SAND token’s price failed to hold that annual high, dropping drastically and forming a support level near $0.50810. However, the price bounced back towards $0.7 but then got stuck in a consolidation zone between $0.66113 and $0.57900. 

Recently, the SAND token was trading at $0.28650 while witnessing a gain of 1.77% during the intraday session. It attained a yearly low at $0.27550 in the past intraday session. The price is reflecting the heavy dominance of bears, and if this momentum remains constant, then the price might melt further towards $0.25.

On the contrary, if the current bullish sentiment of the intraday session is sustained, the price might surge towards $0.309. However, prices might face a relief rally soon. 

Currently, the SAND token’s price is hovering below the 20, 50, 100, and 200-day EMAs, indicating a stronghold of sellers in the market. Although there was a time when the price was trading above the 20 and 50-day EMAs, bears diverted the price downwards.

Will SAND Price Test $0.25 Mark?

The present market sentiment on the SAND token is reflecting a downtrend momentum in the price action. The price melted roughly 42% since July 11, 2023, which is also reflected in the relative strength index (RSI), with a score of 27.16 during the intraday session. The RSI is trading below the 30 mark, suggesting heavy dominance of bears in the market, and also indicates that the price is in the oversold region.

The Chaikin Money Flow (CMF) is trading above the 0.00 score, suggesting that the price might face a correction phase soon. The CMF is at 0.05, denoting slight strength as the current candle surges above the demand zone.

Conclusion 

The market structure of SAND price has been experiencing bearish dominance since February 2023. Although the price observed a bounce back several times, that momentum was not sustained. Now, the SAND token price is in a bearish grip while halting in the oversold zone. Investors should look for selling opportunities as the indicators suggest the same.

Technical Levels 

• Major resistance: $0.94070 and $0.89170 
• Major support: $0.27550 and $0.29159

Disclaimer

The views and opinions of the author or anyone in this article are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.