SAND Technical Analysis: Sellers Ready To Test $1.50

Key technical points:

Past Performance of SAND

SAND coin price breaks the psychological barrier of $2 after cracking under the $2.50 support zone with the growth in selling pressure. The recent overnight recovery retests the psychological level breakout and shows a post-retest reversal with the present bearish candle.

Source-Tradingview

SAND Technical Analysis 

SAND/USD price chart shows a correction rally breaking under the $2 mark with the next horizontal support level at $1.56. Hence, traders can expect the upcoming bearish trend to deflate the market price by 20%

Due to the increased selling pressure, the EMAs crucial for daily trading are poised to reach an alignment in the bearish direction. This indicates a higher likelihood of a 100 and 200-day EMA bearish crossing. Thus, the EMAs are able to achieve an active resistance status as the prices move beneath them.

The RSI slope is a sign of a rapid change in the oversold area trying to sustain above the 30% limit, leading to a downtrend. Therefore, the indicator indicates an intense bearish pressure, keeping the increase in bullish reversal under control.

It is evident that the MACD and the signal lines are continuing to hold a bearish alignment within the negative territory by making sure that there are no bullish crossings. Additionally, the current trend in the bearish histograms indicates that there will be a decline to the next support trendline.

In short, the SAND technical analysis displays a challenging bearish pressure ready for a post-retest recovery.

Upcoming Trend 

SAND coin price has an overnight rally that is bullish from the $1.95 mark, resulting in the short-term retracement of the psychological level of $2. But, the absence of bullish commitment is evident in the decrease in trading volume. This is why the retracement appears as a retest as well as a disguised bull trap.

Resistance Levels: $2.30 and $2.60

Support Levels: $1.85 and $1.56