SAND Technical Analysis: Selling Activity Booms As Prices Fall Below $1

Table of contents

  1. SAND Technical Analysis
  2. Upcoming Trend

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.

TradingView Chart

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 Р50, 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

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