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- On a daily time scale, the price of the SAND coin is circling close to the demand zone.
- On a daily time period, the price of the SAND coin is exhibiting a falling wedge pattern.
- The price of the SAND/BTC pair is now trading at 0.00002757, up 1.98% over the previous 24 hours.
According to the price action, the SAND coin price is trading SAND the critical demand level. The coin price is currently consolidating. The coin price is forming a reversal chart pattern on a daily time frame. With a strong bullish candlestick pattern on the daily time frame, the coin price can break through the important supply zone of $0.650.
SAND coin price retraces to the short term demand zone
Sand coin as per the price action if bounces off the demand zone, it can be seen accelerating to the supply zone. The SAND coin price is currently trading below the blue 50 and 100 Moving Average and 14 Simple Moving Average lines. The coin price broke down the demand zone during the previous sell-off which resulted in the breakdown of the important MAs.the SAND coin price can face rejection while moving up from these MAs.
After failing to surpass the upper band , the SAND coin price is currently trading at the lower band of the Bollinger band indicator. At the moment, the Bollinger band range has expanded, indicating a sideways trend in the coming days. Volumes have increased since the coin became volatile.
The SAND coin price is forming a falling wedge pattern on a daily time frame
The SAND coin price is trading at the demand zone, after failing to surpass the supply zone. Recent bearishness has resulted in the coin price breaking the super trend buyline which was acting as a strong support area. The recent breakdown has resulted in the formation of a super-trend sell line. Moving upwards the coin price can be seen facing strong rejection off the supertrend sell line..
MACD indicator has given a negative crossover as the coin price fell to the demand zone. The blue line crossed the orange line on the downside. This has resulted in the coin price falling strongly in a 4-hour time frame. Recently the SAND coin price rose after the breakout of long-term support area as a retest. As of now, the coin price has started consolidating again after falling off the supply zone and as a result, the gap between the blue and orange lines can be seen widening supporting the trend.
ADX has been continuously falling as the coin price broke an important demand zone on a weekly time frame. As of now, the coin price is trading above this important demand zone. The demand zone is now acting strong as the coin price shows bullishness. At present, the coin price is trading in a strong momentum, and if the same continues the coin price can be seen moving higher in the upcoming days. ADX curve has turned sideways indicating a halt in the price stricture and possible change in the movement of the coin price.
Conclusion: SAND coin price is in a bearish trend on a lower time frame. While on a larger time frame the coin is consolidating in a small range. The technical parameters are also seen supporting the trend as they turn bullish. Investors should wait for a confirmation of the breakout of the reversal chart pattern and then act accordingly.
Support: $0.48 and $0.46
Resistance: $0.56 and $0.59
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
