Table of contents
As sellers overtake the market, SAND prices crumble beneath the $1 mark and approach the upcoming support at the $0.68 mark.
Key technical points:
The market price has decreased 16.98% over the past 24 hours.The falling trend cracks under the crucial support level of $1.The 24-hour trading volume of Sandbox is $461 Million, indicating a hike of 22%.
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.
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.
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