Sandbox’s (SAND) price prediction reveals strong bearish conditions for the SAND crypto price, which has been declining since February 2023. The market witnessed a bull run at the start of 2023. The price soared 154.57% from its swing low of $0.375 to the resistance of $0.9509. However, the market surrendered to the bears, who were responsible for dragging the price down by 64% to the critical support level. Since then, the market has made a very moderate recovery to its current price.
At the time of writing, the current market price of Sandbox is $0.1628. The 24-hour trading volume plunged 11.63%. The market is up by 9.56% in the last 24 hours. The overall market cap of SAND is $4,440,496,621.
Source: SAND/USDT 1D Chart by TradingView
Sandbox’s (SAND) price prediction reveals that the price has been traveling in a descending channel on its way down. The SAND token price is trading below the 200 EMA, which justifies the overall selling pressure in the market. Also, the volume has been declining significantly since the market started collapsing from the resistance.
The descending channel pattern could be a key to unlocking the reversal of the trend. Therefore, the bulls must break this pattern along with the local resistance of $0.5056 to spark a bullish rally that can take the sand token price to the resistance of $0.9424, which is a 93% move to the upside
Source: SAND/USDT by TradingView
The 4-hour chart helps to visualize a minor uptrend, which is followed by the SAND token since it started recovering from its swing low. The price travels to the upside by creating higher highs and higher lows while bouncing between an ascending channel. The SAND token price has reached the upper trendline of the descending channel pattern, which is the key resistance for the bulls in the short term
However, the volume seems to decline with the rise in price, and the momentum has faded after the recent correction from the local swing high. Meanwhile, the price is trading on the lower support of this ascending channel, which is the key support area for the bulls in the short term. If the price breaks down from the channel, it may trigger panic selling, which can lead the prices to decline by almost 23% to their swing low of $0.3438.
RSI
The RSI indicator is currently at 51.03 It represents mild bullish conditions where the price may surge normally. The market is sideways and the price may continue to rise until the RSI goes below 50.
MACD
MACD has made a bullish crossover below the 0 line. This is an indication of a bullish momentum and the price may rise until the MACD makes a bearish crossover.
200 EMA
On the 4-hour chart, the price is below the 200 EMA. This means that the market is bearish with the control of the buyers. The 200 EMA acts as a dynamic resistance, and the price may decrease until it succeeds the 200 EMA.
Sandbox’s (SAND) price prediction reveals strong bearish conditions for the SAND crypto price, which has been declining since February 2023. The strong downtrend increases the possibility of further decline of the price in the short term and lessens the bull’s success in Breaking the descending channel to the upside with optimum momentum to confirm a breakout. Until then, investors are advised to be careful and also use a proper risk management plan to avoid major losses.
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.