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Vikram
Apr 26, 2022
by Vikram

SAND Technical Analysis: Another Bearish Strike At $2.60 Zone

SAND
After surviving last day’s bearish attack, the $2.60 support zone faces another strike threatening a downfall in SAND coin price. 

Key technical points:

  • SAND price shows a fall under the $2.60 support zone. 

  • The 100-day EMA falls and warns of a bearish crossover with the 200-day EMA. 

  • The 24-hour trading volume of Sandbox is $366.54 Million, marking a 30% fall. 

    • Past Performance of SAND

    SAND coin price shows a sideways movement between the $2.60 support zone and the $3 mark in the last fortnight. Moreover, the recent sharp bearish strike at the support zone cracks underneath it with an engulfing candle of 5.52%. 

    TradingView Chart

    SAND Technical Analysis 

    With the SAND coin price creeping under the support zone, the underlying bearishness is crystal clear. Hence, the daily closing below the barrier will ensure a bearish trend continuation to the next support at $2.30.

    The falling trend in the EMAs increases the bearish spread between the 50 and 200-day EMA after the death cross. Moreover, the downtrend in the 100-day EMA teases a potential crossover with the 200-day EMA to achieve a bearish alignment.

    MACD Indicator: The merged MACD and signal lines kept a sideways trend in the negative territory but with the recent fall, the bearish spread emerges. 

    RSI Indicator:  The constant rejections from the halfway mark drives the RSI slope deeper into the nearly overbought territory. 

    Hence, the momentum indicators reflect a surge in the underlying bearishness with the collapse of the support zone.

    In a nutshell, the SAND technical analysis forecasts a downtrend continuation to the $2.30 mark. 

    Upcoming Trend 

    If sellers manage to keep the SAND prices below the support zone by the day’s end, a follow-through candle to the $2.30 support level. However, a rise in trading volume will catalyze the downfall and ensure a swift move.  

    However, a failure to get closing below the support zone, the lower price rejection can induce a bullish continuation to the $3 mark.

    Resistance Levels: $2.60 and $3

    Support Levels: $2.30 and $2

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    sandbox SAND
    SAND Technical Analysis: Another Bearish Strike At $2.60 Zone
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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