SAND Technical Analysis: Will SAND Prices Sustain Above $1?
Table of contents
Key Technical Points:
Past Performance of SAND
As mentioned in our previous article, the SAND price action shows the cup and handle pattern in the daily chart. However, the rejection on the 8th of July led to a bullish failure to surpass the neckline at $1.35, leading to a bearish retracement. The reversal breaks under the 50-day SMA to test the bottom support close to the psychological mark of $1.
Source- Tradingview
SAND Technical Analysis
Over the past three days, the SAND prices have dropped by 16%, warning of a fallout rally under the $1 mark. Hence, traders can indeed find a selling opportunity to ride the bearish trend, which may lead to the $0.85 support level.
The MACD indicator shows the bullish trend in the positive territory, taking a retracement, and warns of a bearish crossover leading to a downfall in the fast and slow lines. Hence, the technical indicator showcases a potential start of a bearish trend as the positive histograms crumble.
The RSI indicator shows a dramatic fall in the underlying bullishness as a slope crosses under the halfway line and the 14-day average line. Hence, the technical indicator supports the idea of a fallout rally cracking under the psychological mark of $1.
In a nutshell, the SAND technical analysis projects a high likelihood of a crazy selling spree which may shortly break the psychological mark of $1.
Upcoming Trend
If the selling spree gains momentum, the SAND prices may drop by more than 15% to test the bottom support at $0.85.
Resistance Levels: $1.35 and $1.50
Support Levels: $1 and $0.85