NewsletterSandbox Price Analysis: SAND Holders Face A 20% Downside Risk If They Lose this Key Support
Under the influence of a descending trendline, the Ssandbox (SAND) sellers revert the recovery rally from the $4.82 mark. In less than two weeks, the altcoin lost 25% and plunged below the $4 psychological level. Moreover, the sustained selling threatens the bulls could lose the $3.5 support.
Key technical points:
- The descending trendline breakout is must for genuinely bullish recovery.
- The daily-RSI slope re-enter the negative territory
- The intraday trading volume in SAND price is $987.5 Million, indicating a 4.18% loss.
Source- Tradingview
Since the correction phase began in late November of 2021, the SAND price has respected a descending trendline, pulling the altcoin to its lower level. The recent recovery soared the SAND price by 80% and brought it back to the resistance trendline($4.84).
However, the sellers mounted stiff resistance at this level and triggered a fallout from the $4.45 mark. The bears benefited from this bull trap and reverted the altcoin by 24.5%($3.67).
The flattish crucial EMAs(20, 50, 100, and 200) signal a sideways movement in price action. However, the bearish crossover of the 20 and 100 EMA could boast the ongoing sell-off in the crypto market.
The daily-Relative Strength Index(41) slope slips below the 14-SMA and neutral, indicating aggressive selling from traders.
SAND Price Approaching A Combine Support Of $3.5 And 200-day EMA
Source-Tradingview
The recent retracement from the overhead resistance trendline suggests the sellers maintain a sell-the-rallies sentiment. The altcoin gradually falling will soon retest the shared support of $3.5 and 200-day EMA. If sellers pulled the price lower this support, they can expect a target to the current lower low support of $2.75
Alternatively, if the SAND price rebounds off $3.5 support, the buyers will drive the price to the descending trendline with an expectation of a bullish breakout.
- Resistance levels- $4.45, $5.2
- Support levels are $3.5 and $2.75
- ‘Huge News’: Scaramucci Reacts as JPMorgan Files for Bitcoin-Backed Structured Notes
- Breaking: Grayscale Files S-3 to Convert Zcash Trust Into Spot ETF
- Breaking: U.S. Jobless Claims Come In Below Expectations, Bitcoin Climbs
- MetaSpace releases the official trailer for its interstellar-themed Game
- Robinhood Expands Prediction Market Reach With Launch of New Derivatives Platform
- Is Bitcoin Price at Risk of Crash as Treasury Companies Plan Fire Sale?
- Binance Coin Price Prediction as VanEck Files Spot BNB ETF — Is $1,000 Next?
- Dogecoin Price Prediction: Will NYSE ETF Push DOGE to $0.30?
- Pi Coin Price Surges Above $0.25 Ahead of Major November 28 Announcement
- Solana Price Prediction as ETF Inflows Hit $621M After 21 Days
- Monad Price Prediction Amid Mainnet Debut — Is a Bigger Breakout Ahead?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
