Sandbox Struggles In A Bear Market, How Low Can Price Go?

  • SAND trades lower than 50 and 200 EMA during the daily period. 
  • Even though there are strong fundamentals, price continues to fluctuate with very little volume or even no change.
  • An increase of $1 may trigger a rally in SAND prices.

Recently, Sandbox’s (SAND) prices have been in trouble as they fluctuate against USDT daily. Sandbox (SAND), which has strong fundamentals, is supported by top investors and partnerships. However, its price struggled to reach $8. (Data from Binance).

Weekly Chart: Price Analysis for Sandbox (SAND). 

SAND’s price has experienced some difficult times, moving from $0.5 to $8 within a matter of weeks. This created euphoria among traders and other major crypto-players.

The bear market, even though it was supported by solid investors and partnerships has had an impact on the price of SAND. It dropped from $8 to $0.1, a drop that is more than 70% off its peak.

SAND’s price showed great strength as it rallied from its weekly low of $1 to a high of $1.5 before failing to break above that region to higher heights.

SAND’s price has been range bound, and unable to surpass a weekly resistance level of $1.5. Trend higher towards the $2 area.

SAND’s price must close at or above $1.5. If it does, you will have better chances of trading higher. SAND is currently trading below $1.5. The downtrend has created resistance. Turning the support zone of $1.5, that acts as weekly resistance into support will signify a stronger rebound in the SAND price.

SAND may not break this critical resistance zone if the market does not move. We could see SAND prices within the channel, or we might see SAND retesting the $0.6 lower support area and demand zone to increase buy orders.

Weekly resistance for the price of SAND – $1.5

Weekly support for the price of SAND – $0.6-$0.5.

SAND Price Analysis on the Daily (1D), Chart

Source: SANDUSDT On| Source: SANDUSDT On

SAND prices remain in a range channel for the daily price. Prices are unable to breakout due to low volumes. After getting rejected from $1.5, the price remained in the range channel. The goal is to flip the $1.5 rejection region, where SAND prices tested multiple times.

SAND’s current price is $0.92 in the 1D-timeframe. This puts it below the Exponential Moving averages (EMA) 50 and 200, which serve as resistance. Prices of $1 and $1.6 are respectively the resistance levels at 50 and 200 EMA.

SAND’s price must flip $1 support into resistance to indicate a relief bounce, as it has been trading at its lowest level since major rallies.

Daily resistance for the SAND price – $1-$1.6.

Daily support for the SAND price – $0.6.

Featured Image from Breakingnews. Charts by Tradingview. 

Get more Crypto News at CFX Magazine