SAND Technical Analysis: Selling Activity Booms As Prices Fall Below $1
Table of contents
Key technical points:
Past Performance of SAND
The consolidation range between $1 and $1.45 fails to contain the downtrend in SAND prices as the selling pressure grows drastically with the falling global markets. The downtrend cracks under the psychological support level at $1, with a 40% fall over the week. Moreover, the rising trend in trading volume continues to reflect a boom in selling pressure due to panic selling.
Source- Tradingview
SAND Technical Analysis
SAND prices continue the bearish candle formation and lower the possibility of retesting the broken consolidation range. Hence, the bearish candle may shortly creep below the $0.68 mark and result in a further fall in market price. The crucial Exponential Moving Averages - 50, 100, and 200-days maintain a falling trend with a bearish alignment as the correction phase continues.
With the start of negative histograms, the MACD and signal lines display a bearish crossover as the selling pressure grows drastically. Moreover, the RSI slope cracks under the oversold boundary reflecting a surge in selling activity. As a result, the technical indications show a high-momentum downtrend ready to surpass the $0.68 support level. In a nutshell, the SAND technical analysis predicted an increase in panic selling, which would lead to a further drop in market value.
Upcoming Trend
If the falling SAND prices knock under the $0.68 mark, a downtrend continuation will reach the $0.50 mark accounting for a 25% fall.
Resistance Levels: $1 and $1.45
Support Levels: $0.68 and $0.50