- In terms of daily price charts, the sandbox coin has been in the market for over two weeks.
- The sandbox coin has been struggling lower for a long time, despite trending sideways on the lower timeframe.
- The price of the SAND/BTC pair is down 4.3% from 0.0000404 Satoshis.
The sandbox coin appears to be extremely bearish on longer time frames such as daily and weekly. With bearish momentum, SAND is struggling below a downtrend line (yellow) against the backdrop of the daily price chart.
The SAND trend follows the sell growth technique. But nowadays, the SAND outlook lies sideways in the narrow horizontal range between $1.5 and $1.1. And the bulls are targeting a break down above this range and the crucial $1.0 level.
At the time of writing, Sandbox is trading at $1.18, which is slightly lower during an intraday trading session. Meanwhile, the sand is down about 10% this week.
Thus, the market capitalization fell by 7.2% to 1.4 billion dollars in the last 24 hours according to CMC. Additionally, the SAND/BTC pair is trading 4.3% below 0.0000404 Satoshis.
Amidst the trend in the Middle East, daily volume bars remain below the moving average line and show extreme sideways movement in the altcoin. But last night, traders saw an almost 30% jump in trading volume.
Is the $1.0 mark a support level for SAND?
The key range A of the Ichimoku indicator (at the $1.3 mark) was a major sell area on the downside. And recently, the bulls failed to get the price of sand back into its red cloud on the daily price chart.
Stoch RSI will dip into the heavily oversold area of the daily price scale.
The bears look so aggressive for a sale. Meanwhile, technical indicators are also in favor of short sellers. Nonetheless, the bulls will likely attempt to defend the crucial $1.0 level.
Resistance level – $1.5 and $2.0
Support Level – $1.0
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