Sandbox Struggles In A Bear Market, How Low Can Price Go?
- SAND trades below 50 and 200 EMA on the daily timeframe.
- Price continues to range with little or no volume despite having strong fundamentals.
- A break above $1 could trigger a relief rally for SAND price.
Sandbox (SAND) price has had a rough time recently as price ranges in a daily timeframe channel against tether (USDT). Despite having good fundamentals with so much backing from top investors and partnerships, the price of Sandbox (SAND) has struggled to replicate its run to a high of $8. (Data from Binance)
Sandbox (SAND) Price Analysis On The Weekly Chart
The price of SAND has had difficult moments, with such movement from a low of $0.5 to a high of $8 in a few weeks, creating euphoria in the hearts of traders and major crypto players.
Despite being backed by strong investors and partnerships, the bear market has impacted the price of SAND, which has dropped from $8 to $1, a drop of more than 70% from its all-time high.
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.
The price of SAND has remained range-bound, unable to break above a weekly resistance of $1.5 to trend higher to the $2 region.
To have a better chance of trading higher, the price of SAND must break and close above $1.5. The price of SAND has formed a downtrend line, acting as resistance; flipping the area of $1.5, which is acting as weekly resistance, into support will signal a more relief bounce for the price of SAND.
If the price of SAND fails to break through this key resistance region, we may see the price of SAND range within this channel or retest the $0.6 and lower support and demand zone for more buy orders.
Weekly resistance for the price of SAND – $1.5
Weekly support for the price of SAND – $0.6-$0.5.
Price Analysis Of SAND On The Daily (1D) Chart
Daily SAND Price Chart | Source: SANDUSDT On Tradingview.com
The daily timeframe for SAND prices remains in a range channel, with prices unable to break out due to low volume. After being rejected from a high of $1.5, the price continued in a range in a channel, with eyes set on flipping the $1.5 rejection area, where SAND prices have tested several times.
The price of SAND is currently trading at $0.92 on the 1D timeframe, below the 50 and 200 Exponential Moving Averages (EMA), which act as resistance. The prices of $1 and $1.6 correspond to the 50 and 200 EMA resistance levels, respectively.
The price of SAND needs to flip the $1 resistance into support to signal a relief bounce as the price of SAND has kept trading at its low since the major rally.
Daily resistance for the SAND price – $1-$1.6.
Daily support for the SAND price – $0.6.
Featured Image From Breakingnews, Charts From Tradingview