Sandbox struggles in a bear market, how low can prices go?

  • SAND trades below the 50 and 200 EMA on a daily time frame.
  • Despite strong fundamentals, prices continue to rise with little or no growth.
  • A break above $1 could trigger a support rally for the SAND price.

The price of Sand (SAND) has had a rough time lately as the daily timeframe channel diverges against Tether (USDT). Despite good fundamentals with plenty of support from major investors and partnerships, the price of Sandbox (SAND) has struggled to repeat its run to $8. (Data from Binance)

Sand (SAND) price analysis on the weekly chart

The price of SAND has had a rough time, moving from a low of $0.5 to a high of $8 in just a few weeks, creating excitement in the hearts of traders and major crypto players.

Despite being supported by strong investors and partnerships, the bear market affected the price of SAND, which dropped from $8 to $1, which is an all-time high of more than 70%.

The price of the Sands rose from a weekly low of $1 to a high of $1.50, failing to break above the range to a higher high, showing considerable strength.

SAND price is range-bound, unable to break above the weekly $1.5 resistance to move higher into the $2 range.

To get the best chance of trading higher, the SAND price should break and close above $1.5. The SAND price has formed a downtrend line as a resistance action; A reversal of the $1.5 area, which acts as weekly resistance, into support would signal further relief for the SAND price.

If the price of SAND fails to break through this key resistance zone, we can see the price of SAND range in this channel or test the $0.6 and lower support and demand zone for additional buying zones.

Weekly resistance for SAND price – $1.5

Weekly support for SAND price – $0.6-$0.5.

SAND price analysis on a daily (1D) chart

Daily Sand Price Chart | Source: SANDUSDT On

The daily time frame for SAND prices remains in a range channel, with prices unable to break out due to low volume. After the rejection from $1.5, the price continued in the range within a channel, with the eyes reversing the area of ​​the $1.5 rejection, which is where SAND prices have tried several times.

The SAND price 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.

SAND price needs to turn the $1 resistance into support as SAND price holds the trade at lower levels after the main rally.

Daily resistance for SAND price – $1-$1.6.

Daily support for SAND price – $0.6.

Featured Image From Breakingnews, Charts From Tradingview 

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