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- 1 SAND crypto shows bearish signs with declining active addresses, whale activity, volume, and price on the daily chart.
- 2 The SAND crypto had an intraday volume of $113.93 Million, a market capitalization of $1.39 Billion ranking 78th in the crypto market.
The SAND asset is expressing bearish behavior as active addresses, whale activity, volume with price has declined and has the opportunity to fall further on the daily chart. It performed poorly last month with a 21.33% drop implying a stable downtrend.
Since then, the Sandbox crypto has demonstrated a major decline as the price sank from a vital level of around $0.8000 on the chart.
SAND crypto is almost at a big fall, as it meets the resistance level and could dive to new lows from the current price.
The Sandbox price asset plunged below the 20-day and 50-day EMA bands, reliant on the sellers’ surge could deteriorate more.
Likewise, the SAND price asset is displaying bearish characteristics as MACD is below the zero line at -0.0110 and the RSI is falling smoothly below the median line at 46.15, implying that the Sandbox asset is losing momentum and can achieve new depths in the coming sessions.
At press time, the Sandbox crypto had experienced a 1.31% incline in the last 24 hours to $0.6193. Therefore, if the SAND price fails to stay above the $0.5500 level, it could decline further and reach lower lows.
However, if the demand for the crypto remains high, the SAND asset price could bounce back from the current level by surpassing the below trendline. The next goal for Sandbox is to reach $0.7350 and $0.8000.
SAND Crypto Price Vs Volume Analysis
Moreover, the SAND price noted a significant and continuous fall in the volume inflow in the last few weeks along with the price decline. The average volume has fallen from $625 Million to $50 Million by the first week of April 2024.
The intraday volume received was at $113.93 Million with a minor rise of nearly 4.76% as compared to the previous day. Also, the live market capitalization of SAND crypto was $1.39 Billion and it ranks 78th in the overall crypto market.
SAND Crypto Whale Activity Study
The above chart displays the activity of whales in the SAND crypto over a period of time along with the price movement in the same duration. The analysis shows that the whales were shedding Sandbox since the first week of March 2024. The SAND price has also been declining in the same time line.
SAND Crypto Active Addresses Are Declining
The count of active addresses in the SAND refers to the number of unique addresses of Sandbox users who have participated in one or more transactions within a specific timeframe.
Within the last hour, there were 39 transactions, in the past 24 hours, the number of transactions involving different addresses in Sandbox was 585, in the past 7 days was 5123, and in the last 30 days, there were 18.8 K transactions involving unique addresses in the SAND asset.
This data indicates that the number of people who are involved in using and trading the SAND is decreasing. As a result, the demand and value for the Sandbox price may also be decreasing due to the decreasing number of active addresses over time. These terms are used to highlight the short-term and long-term trends of SAND crypto’s activity and its adoption.
Summary
Sandbox crypto shows bearish signs with declining Active Addresses, Whale Activity, volume, and price on the daily chart. It dropped 21.33% last month and is now at the risk of falling further. MACD and RSI indicate weakening momentum. At press time, trading at around $0.6193, intraday volume was $113.93 Million with a market capitalization of $1.39 Billion; ranking 78th in the crypto market. Whale activity has been decreasing since March 2024, affecting SAND price and number of active addresses.
Technical Levels
Support Levels: $0.5500
Resistance Levels: $0.7350
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency 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.
