Altcoins

What equal lows on SAND’s daily actually mean for its price trend

Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation

The Sandbox has been on a downtrend on the worth charts since early December. One of many largest metaverse cash, SAND, the native token of The Sandbox, had a market capitalization of $1.459 billion at press time. Over the previous few days, the USDT dominance has dropped from 5.1% to face at 4.15%.

Previously, this chart has topped close to the 5.5% space to mark an area backside. The lowering worth indicated cash move into cryptocurrencies. Bitcoin’s transfer above $42k may see a optimistic affect on SAND within the weeks to come back.

SAND- 1 day chart

The Sandbox posted equal lows on the daily- was it the beginning of a new trend?

Supply: SAND/USDT on TradingView

The long-term market construction was bearish as SAND shaped a collection of decrease highs. Nonetheless, over the previous month, the bulls have been capable of maintain on to the $2.7-level the place the worth shaped its earlier decrease lows.

This opened up a potential situation for SAND, one the place the worth established a variety and an accumulation section with $2.7 because the vary low. Alternatively, the bulls may additionally reach breaking above $4.13 if ample demand steps in.

That demand was but to be seen, on the time of writing. Ergo, the outlook for the coin stays bearish.

Rationale

The Sandbox posted equal lows on the daily- was it the beginning of a new trend?

Supply: SAND/USDT on TradingView

The RSI on the day by day flashed a bullish divergence a few weeks in the past. Subsequently, the worth bounced from the $2.7-lows to check the $3.27-resistance stage, later flipping this stage to help. On the time of writing, the RSI stood on the impartial 50-level.

The Superior Oscillator registered inexperienced bars on its histogram to sign weakening bearish momentum. Nonetheless, it was nonetheless beneath the zero line. This hinted {that a} native backside may have been reached. Even so, the bullish impetus hasn’t been seen but.

The OBV has been trending southbound over the previous couple of months to suggest the truth that promoting quantity has outweighed shopping for quantity. This lack of demand may see SAND drop decrease on the charts.

The 21 and 55 interval transferring averages shaped a bearish crossover.

Conclusion

Whereas the worth charts indicated a potential bullish situation, the leaning was nonetheless bearish. The market construction pointed to additional draw back if SAND faces rejection at or earlier than $4.13. Even a break of the descending trendline can not conclusively point out the tip of the downtrend.

Source link

Leave a Reply

Your email address will not be published.

Back to top button