Since last quarter the Sandbox(SAND) had mounted a strong defense at $2.65 support. However, submitting to the broader market sentiment, the SAND price breached this bottom support and tumbled 24% lower to the $2 mark. Anyhow, the sellers’ failure to sustain below the $2 support triggered a bear trap for aggressive traders, who may liquidate their holding to trigger a bullish pullback.
Key points:
- The SAND price may soon retest the $2.65 resistance
- The 20-day DMA offers constant resistance to SAND price
- The intraday trading volume in SAND price is $469.2 Million, indicating a 14% loss.
Source- Tradingview
Since the correction phase began in November 2021, the Sandbox(SAND) price has responded to a descending trendline and tumbled 75.4% from the All-Time High of $8.44. The traders are actively selling at this trendline, restricting any significant bull run.
On the other hand, the buyers had defended the $2.6 support since last quarter, preventing any excessive loss. Thus, the price action got sandwiched between the descending trendline and stiff support, nearing a decisive breakout.
The sellers took the lead in this tug-of-war and breached $2.6 on April 26th. The sustained selling slumped the SAND price 24% lower to $2 psychological support.
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Moreover, on April 30th, the sellers managed a daily candle closing below the $2 support, suggesting another leg down. However, this breakdown was not that significant, and the price jumped above $2 soon after.
This bear trap could drive the altcoin 27% higher to retest the shared resistance of $2.65 and the descending trendline.
Technical indicator
The SAND price trading below the crucial downsloping DMAs(20, 50, and 100) reflects an overall downtrend. Nevertheless, these DMAs may provide significant resistance during the occasional pullbacks.
The MACD and signal dive deeper into the bearish territory after escaping a bullish crossover, indicating the sellers remain in control.
- Resistance levels- $2.65 and $3.3
- Support levels- $2 and $1.1
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