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SAND price analysis: SAND depreciates to $1.28 after strong bearish momentum

SAND price analysis: SAND depreciates to $1.28 after strong bearish momentum
TL;DR Breakdown
  • SAND price analysis is bearish today.
  • The strongest resistance is present at $2.1.
  • The strongest support is present at $1.2.

SAND price analysis reveals that the cryptocurrency has been following a bearish trend displaying further opportunities for bearish activities, with the price of SAND/USD moving under the $1.30 mark. On 24 May 2022, the cost of SAND experienced a flash crash and reached $1.26, but it further increased to $1.28, which is the current price of SAND.

The market dynamic appears to be strongly bearish. The Sandbox has been down 9.40% in the last 24 hours, with a trading volume of $372,960,830. SAND currently ranks #41 with a live market cap of $1,580,845,790.

SAND/USD 4-hour price analysis: Latest developments

SAND price analysis reveals the market’s volatility illustrates decreasing characteristics. The price of SAND/USD that is subject to change will change as the volatility fluctuates to either extreme; before that, the cost of SAND will remain stable and around the respective support and resistance values. As of now, the SAND price appears to be less prone to volatile change. As a result, the upper limit of the Bollinger’s band is present at $1.4, which serves as the strongest resistance for SAND. Conversely, the lower limit of the Bollinger’s band is available at $1.2, 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 downward, making the cryptocurrency track a decreasing movement in regards to its trading price. The price moves towards the support attempting to break it. If that happens, it will be a good sign for the bulls.

image 446
SAND/USD 4-hour price chart source: TradingView

SAND price analysis reveals that the Relative Strength Index (RSI) is 41, indicating that the cryptocurrency falls in the lower neural category near the devaluation threshold region. Furthermore, the RSI path appears to be following a decreasing direction indicating that the price of SAND is experiencing a downtrend in its value. The RSI score decreases because of the dominance of selling activity.

SAND price analysis for 1-day: Market shrinks

SAND price analysis reveals the market’s volatility following a decreasing trend, meaning that the price of SAND/USD will follow the volatility into becoming less prone to experience volatile change. The upper limit of the Bollinger’s band is available at $2.1, which serves as the strongest resistance for SAND. Conversely, the lower limit of the Bollinger’s band is present at $0.8, which serves as a support point 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 is expected to break the support soon, following its downward movement and entry into the bearish region.

image 447
SAND/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) is 36, indicating that the cryptocurrency is undervalued and falls under the devaluation threshold region. The RSI path appears to follow a linear direction, indicating a consistent market and movement towards further stable dynamics. The RSI score remains constant as the selling activities equals 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 reversal, we can’t be sure if it will happen. However, the breakout could be a silver lining for the SAND cryptocurrency as they have their market engulfed in bearish dominion. The bulls could be the new victors of the market in the near future.

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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