Home
News
- SAND price broke down of the consolidation after taking resistance from the 200 EMA
- SAND price took a downturn of 31% the price action is suggesting that this downtrend might continue
SAND price after taking support from the price of $0.3800 in early January started moving on an uptrend giving an extremely bullish rally of 87% after making a retest from the support level SAND price started consolidating within a horizontal channel between the price range of $0.850 to $0.650.
As per the analysis given in the previous article, the Sandbox price did take a bearish correction from the 200 EMA taking a downturn of 31 percent and breaking the base of the consolidation channel which indicates that the Sandbox price might continue this bearish trend. The current price of Sandbox is $0.6206 with a change in 24-hour trading volume of -3.96 percent.
SAND price breaking down the consolidation (Daily Timeframe)
The Sandbox price is also making a bearish candle pattern for the three black crows where the price gives three bearish red candles back to back in an indication of the continuation or turning of a bearish trend although the price can give a retest to the consolidation pattern before continuation of the trend. The overall market sentiments have taken a bearish turn by falling down 3-4 points since last week trading currently at 47 points according to the greed and fear index provided by the Alternative (dot) me site which measures sentiments and emotions of the market.
Technical Analysis ( On 1 Day Timeframe)
The Sandbox price after facing severe resistance from the 200 EMA around point $0.849 has taken a sudden downturn giving a very bearish fall of more than 30% while crossing below all the major key averages and the slower-moving average 20 EMA is also suggesting that it might give a negative crossover by intercepting the 100 and 50 EMA.
RSI – The RSI line is trending on a severe downtrend while making consistent lower highs and lower lows. The RSI line is currently trading near 37.39 points while taking resistance from the 14 SMA which is trading around 46.66 points.
Conclusion
Sandbox price after going on an extremely bullish trend has taken a bearish turn. While the price action is also suggesting that this trend might continue in the upcoming days. The bears are currently dominating the SAND price by a slight percentage of 50 – 52% acrosses most of the major cryptocurrency exchange platform according to the Coinglass site.
Technical levels –
Support – $0.534
Resistance – $0.695
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
