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Cryptoknowmics 2022-08-23 09:51:46

SAND Technical Analysis: Will Buyers Win Power Struggle At $1?

The SAND prices fell drastically last week, breaking below the support trendline to test the crucial psychological support at $1. Key Technical Points: The Sandbox market price dropped by 45% resulting in the 50-day EMA fallout. The buyers halt the downtrend at the crucial support level of $1. With a market cap of $1.46 billion, the intraday trading volume of The SandBox has increased by 73% to reach $356 million. Past Performance of SAND The Sandbox (SAND) price action shows an increase in supply inflow at $1.45, resisting the market price from reaching the 100-day EMA. The downtrend results in the fallout of the long-coming support trendline and tests the psychological mark of $1, accounting for a 45% price drop. However, the buyers cushion the falling prices at the $1 mark, avoiding further downfall. Source – Tradingview SAND Technical Analysis The SAND price action displays a lateral trend above the $1 support and shows lower price rejection with a spike in trading volume. Hence, the possibility of a bullies reversal to retest the broken trendline increases. The fallout of the 50-day EMA crushes all the hopes of a bullish crossover, with the 100-day EMA reflecting an increase in bearish sentiments. The daily-RSI slope drops to the oversold boundary with the increase in underlying bearishness. Moreover, the bearish gap increases between the fast and slow lines, with intensifying bearish histograms. Hence, the technical indi...

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