Sandbox (SAND) Price Analysis: Price Today Retests $4.0000 Mark

Source : coingape.com

https://cdn.coingape.com/wp-content/uploads/2022/01/11195836/The-SandboxSAND-Cover.jpg

Sandbox (SAND) price has started the new trading month on a higher note following the broader recovery in the crypto market. However, the price could not sustain the momentum in the US session.  At the time of writing, SAND/USD is trading at $3.9708, down 2.95% for the day.

  • Sandbox price remains muted on Monday.
  • Expect a bearish momentum if the bulls fail to sustain above 20 DMA.
  • Momentum oscillators trade in the oversold zone warn of aggressive bids.

As per the CoinMarketCap data, the Sandbox records a fall in the volume of around 30% at $923,197,277. The decrease in volume in accordance with the fall in price indicates there could be a reversal in the current price trend.

Sandbox (SAND) awaits confirmation for upside continuation

On the daily chart, the Sandbox (SAND) price has retreated 68% from ATH at made on November 25. The price tested low on January 22 at $2.5622, the level last seen in November.

Source: Trading view

In the earlier attempts, Sand’s bull attempted to test the descending trend line on December 26, which is extending from the highs of mentioned ATH. But failed to cross above the bearish slopping line. Next, the price dropped below the 20-DMA on January 4 at $5.7174. This acted as a double-whammy for the Sandbox (SAND) buyers as the price could not touch the mentioned trend line since then.

To continue the upside momentum, SAND should break above the bearish sloping line near $5.0000.

Furthermore, the daily relative strength index (RSI) trades at 48 with a neutral stance. Another momentum oscillator, the Moving Average Convergence Divergence (MACD) still holds in the oversold zone. This indicates bulls need to cover a long way before there is a trend reversal in the coin.

On the other hand, a close below the session’s low of $3.9151 the gates will be open for the horizontal support line at $2.6685.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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