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Vikram
Mar 5, 2022

SAND Technical Analysis: Should You Buy The Dips in SandBox? 

SAND
SAND coin price retraces to the $3 mark as the seller's-driven trend gains momentum. Will bears take down the psychological support?

Key technical points:

  • The SAND coin price sustains above $3
  • The MACD indicator shows a bullish crossover 
  • The 24-hour trading volume in the Sandbox token is $1.44 Million, indicating a 21% rise. 
  • Past Performance of SAND

    The SAND coin price propelled higher due to the active buying spree to capture the dip after a week of consolidation. However, the altcoin failed to sustain above the 200-day EMA, resulting in the downfall to the psychological support of $3. The constant support near the $3 mark brings the possibility of a reversal, despite the recent 15% downfall in the last 72 hours.

    TradingView Chart

    SAND Technical Analysis

    The SAND coin price action shows increased selling pressure as it fails to sustain above $3.5. Hence, the chances of a downfall below the emotional support of $3 are significantly increasing.

    The crucial Exponential Moving averages show a weak bullish alignment as the 50 and 100-day EMAs give a bearish crossover. Moreover, the prices recently crossed below the 200-day EMA, indicating the increased seller's control over the trend.

    The Stochastic RSI indicator shows the K and D lines failing to rise above the overbought boundary resulting in a bearish crossover. Hence, the indicator projects the end of the bull cycle. 

    The RSI Indicator slope sustains above the 14-day average despite the failure to rise above the 50% line. Moreover, the RSI slope shows a bullish divergence in the past three dips on $3. Hence, the chances of a bullish reversal are significantly high.

    In a nutshell, the SAND technical analysis projects increased volatility that may shortly bring a sharp move.

    Upcoming Trend

    The SAND coin price gains bearish momentum and hints at surpassing the $3 mark shortly. However, the RSI divergence projects increased the chances of reversal. Hence, traders can soon find a considerable momentum release on either side. The price action confirmation is a must to avoid traps hidden in the price chart to ride the trend.  

    Resistance Levels: $3.66 and $4.5

    Support Levels: $3 and $2.5

    SAND Technical Analysis: Should You Buy The Dips in SandBox? 
    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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