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SAND price analysis: SAND moves upward to $2.03 after a bearish run

SAND price analysis: SAND moves upward to $2.03 after a bearish run
TL;DR Breakdown
  • SAND price analysis is bearish today.
  • The strongest resistance is present at $3.
  • The strongest support is available at $1.8.

SAND price analysis reveals that the cryptocurrency has been following a bearish trend displaying slight opportunities for bullish activities, with the price of SAND/USD moving under the $2.05 mark. On May 7, 2022, the cost of SAND experienced an increasing movement and reached $2.03, which is the current price of SAND.

The market dynamic appears to be uncertain, making it suitable for raising the price of SAND. The Sandbox has been up 0.74% in the last 24 hours, with a trading volume of $340,864,963. SAND currently ranks #40 with a live market cap of $2,512,023,758.

SAND/USD 4-hour price analysis: Latest developments

SAND price analysis reveals the market’s volatility illustrates increasing characteristics, meaning that the price of SAND/USD that is subject to change will change as the volatility fluctuates to either extreme; the cost of SAND is becoming more prone to undergo variable change. As a result, the upper limit of the Bollinger’s band is present at $2.4, which serves as the strongest resistance for SAND. Conversely, the lower limit of the Bollinger’s band is available at $1.8, which represents the strongest support for SAND.

The SAND/USD price appears to be crossing under the curve of the Moving Average, indicating a bearish trend. Nevertheless, the SAND price seems to move upwards, making the cryptocurrency track an increasing movement regarding its trading price. As a result, the price is expected to cross over the moving average soon and reverse the market dynamic in the bulls’ favor.

image 86
SHIB/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is 40, indicating that the cryptocurrency falls in the stable category falling in the lower neutral region. The RSI path appears to be following a slight increasing direction indicating that the price of SAND is experiencing an increment in its value. The RSI score is increasing because of the dominance of buying activity over the selling activity.

SAND price analysis for 1-day: Market opens

SAND price analysis reveals the market’s volatility following an opening trend, meaning that the price of SAND/USD will follow the volatility into becoming more prone to experience volatile change. The upper limit of the Bollinger’s band is available at $3, which serves as the strongest resistance for SAND. Conversely, the lower limit of the Bollinger’s band is present at $1.8, which serves as the strongest support for SAND.

The SAND/USD price appears to be crossing under the curve of the Moving Average, signifying bearish momentum. Bears control the market for now and are likely to maintain control as the odds stack in their favor and the market shows further bearish opportunities. However, the price moves down towards the support, indicating a future breakout.

image 87
SHIB/USD 1-day price chart source: TradingView

SAND price analysis reveals the Relative Strength Index (RSI) is 40, indicating that the cryptocurrency is stable and falls in the lower neutral region. The RSI path appears to follow a downward direction, indicating a declining market and movement towards further declining dynamics. The RSI score decreases as the selling activities exceed the buying activities.

SAND Price Analysis Conclusion

SAND price analysis has deduced that the bears control the market with the massive opportunity for further bearish activity. Although the market appears to show potential for a breakout, we can’t be sure if it will actually happen. However, the breakout could be a silver lining for the SAND cryptocurrency as they have their market engulfed in bearish dominion.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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