Price Analysis

The Sandbox Price Analysis: SAND Price Plunge 10%, How Low Will It Drop?

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Jul 21, 2022

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The SAND price chart indicates that the cryptocurrency is in a bearish trend, with modest additional opportunities for bearish actions. The price of SAND/USD fell up to $1.36 after a wavy trend of uptrends and downslides of prices in the past few days but currently SAND is on a drastic fall.

SAND/USDT Price Analysis for Long Term

Over the past 24 hours, SAND coin prices have dropped by 4.96% the market’s volatility followed a declining trend. The bears gain back control as bulls go passive and hence a significant drop to hit the lower support of the descending triangle appears to be imminent. 

The moving average convergence divergence (MACD) line is presently above the signal line, which is an indication of a bearish trend for SAND.

The relative strength index (RSI) for SAND is at 59.58, which indicates that the market is neither oversold nor overbought currently.

Bears presently dominate the market, and they are expected to maintain control as the odds continue to favor them and the market displays additional bearish possibilities. The price, on the other hand, moves downward toward support, implying that a breakout is coming.

SAND/USD Price Analysis for Short Term

The 4-hour chart for SAND/USDT shows that the market is presently in a bearish trend but within the control of the bulls.  The prices have been consistently falling over the past couple of hours aiming to rebound at the earliest. 

The asset is trending within an ascending triangle and before breaking out of the pattern may hit the lower support. The moving average convergence divergence (MACD) line has crossed over the signal line, which indicates a bearish trend for SAND, and hence a drop to $1.2 appears imminent.

The market’s volatility is decreasing, according to the SAND price analysis. The cost of SAND/USD will change as the volatility shifts to one side or the other; before then, the price of SAND will be relatively stable and around supporting and resistance levels.

SAND price analysis reveals that the Relative Strength Index (RSI) is 53.75, indicating that the cryptocurrency falls in the lower neural category near the devaluation threshold region. 

Overall, The bears have control of the market currently, according to our SAND price analysis, with a significant potential for more bearish moves. Despite the fact that the market appears to be developing possibilities for a turnaround, we can’t be certain if it will occur. The breakout, on the other hand, may provide a silver lining for the SAND cryptocurrency.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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