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- Sand price is currently trading within a tight bound range above 100 EMA
- Sand price is currently taking severe resistance from the 200 EMA
SAND price after giving a 70% positive bull trend is consolidating within a range. This shows that there is currently some indecision in the market between bears and bulls. Currently, the SAND price is taking support from consolidations base level from which it can give a bullish rally of 18%. After being under the influence of the bears for a while Sandbox’s price is taking a bullish turn. The current SAND price is $0.712 with a change in 24-hour trading volume of 7% while the Sandbox price is up 0.34% in the last 24 hours.
The sandbox price moving within a range
The overall market sentiments are currently near the neutral level according to the greed and fear index provided by the alternative (dot) me site which measures the market sentiments. The market is currently being dominated by the bears by a slight percentage of around 50 – 53%. According to the coin glass site which is a cryptocurrency information platform. Although the buyers are supporting the SAND price as it is near its support level.
Technical Analysis ( 1 Day Timeframe)
EMA’s – The SAND price is currently taking support from the 100 EMA while the 20 and 50 EMA are trading above the 100 EMA and Sandbox price’s next resistance is 23% above 200 EMA. While the price is taking support from the 100 EMA chances are that it might soon take a reversal.
Support and Resistance – The Sandbox price is currently taking support from the price of $0.700 while its next support level is around price of $0.666 although Snadox’s current resistance is near price of $0.805and its major resistance is around price of $0.904
RSI – The RSI line is currently trading below the median line around point 46.45 while the 14 SMA line is trading just above it around price 51.35 near the median line providing resistance to the RSI line.
Conclusion
The SAND price is currently consolidating around a range after its recent bull run. The price is at present taking support from the 100 EMA while its next support is just below it and if the price action gives a positive engulfing candle or a bullish pattern it can be estimated that the price might give a rally of 20-30%. As of now the bears are dominating the market by a small percentage although that might change as the price is trading near demand zone.
Technical levels –
Support – $0.62
Resistance – $0.80
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
