Price Analysis

SAND Price Breaks Down The Pattern! May Slide Down Below $4 Soon!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Dec 14, 2021

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Highlights

    The SandBox price is slashing mercilessly following the current market trend and possess the possibility to slide deep down

    The plunge is expected to continue until the levels below $4 are tested yet the flip is not confirmed as of now

The crypto space is turning yet again bearish after a slight relief in the past couple of days. Bitcoin price which went above $50,000 remained above the levels for only a small period of time. And with the fresh plunge, many other altcoins and NFT’s are also sliding, breaking the strong support levels. Recently, the SAND price also broke down through the trend and continues to plunge down deep. 

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The asset was however not trending in stronger regions since the beginning of the current trading month. Yet was trying hard to sustain within the pattern but with the recent slash, the NFT just slashed below these levels. Currently, it appears that the asset is falling into the bearish divergence and the recovery remains much distinct. 

Trading View

The SAND crypto, after trending inside a consolidated triangle for more than 3 weeks in a row, gets rejected from the support levels and initiates a bearish move from there. With Bitcoin maintaining a bearish trend, SAND price is also expected to continue diving into the deep well. While the initial plunge could retest the levels around $4.43 and if the support is not held strong, a deeper plunge below $4 appears imminent. 

Currently, no possibility of a flip is witnessed as the lower support levels could be tested before making a move towards the north. However, the daily close is expected to happen with a bearish note and if a similar close is registered for the next couple of days, then the bears could take back control. Therefore, initially, the BTC price needs to stabilize above $48,000 and this will be when the SAND price could hover above $5 yet again. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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