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Sandbox is struggling in a bear market, how low can the price go?

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Sandbox is struggling in a bear market, how low can the price go?
  • SAND is trading below 50 and 200 EMA on the daily time frame.
  • The price continues to move with little to no volume despite strong fundamentals.
  • A break above $1 could trigger a relief rally for SAND price.

Sandbox (SAND) price has had a tough time lately as prices move in a daily timeframe channel against tether (USDT). Despite strong fundamentals with so much support from top investors and partnerships, Sandbox (SAND) price struggled to replicate its run to a high of $8. (Data from Binance)

Sandbox (SAND) price analysis on the weekly chart

SAND price has fallen on hard times, with such a move from a low of $0.5 to a high of $8 in a matter of weeks, creating euphoria in the hearts of traders and major crypto players.

Despite the support of solid investors and partnershipsthe bear market impacted the price of SAND, which fell from $8 to $1, down more than 70% from its all-time high.

SAND price showed great strength as it moved from its weekly low of $1 to a high of $1.5 before failing to break above this region to reach higher highs.

SAND price remained rangebound, unable to overcome a weekly resistance of $1.5 to trend towards the $2 region.

To have a better chance of trading higher, SAND price needs to break and close above $1.5. SAND price formed a downtrend line, acting as resistance; flipping the $1.5 area, which acts as weekly resistance, into support will signal a more relief bounce for SAND price.

If SAND price fails to break through this key resistance region, we could see SAND price move into this channel or retest the $0.6+ $0.6+ support and demand area for more dive orders. ‘purchase.

Weekly resistance for SAND price – $1.5

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

SAND price analysis on the daily chart (1D)

Daily SAND Price Chart | Source: SANDUSDT On Tradingview.com

The daily SAND price schedule remains in a range channel, with prices unable to break out due to low volume. After being rejected from a high of $1.5, price continued to range within a channel, with eyes fixed on the reversal of the $1.5 rejection zone, where SAND prices have been repeatedly tested.

SAND price is currently trading at $0.92 on the 1D timeframe, below the 50 and 200 exponential moving averages (EMAs), which act as resistance. The prices of $1 and $1.6 correspond to the resistance levels 50 and 200 EMA respectively.

SAND price needs to turn the $1 resistance into support to signal a relief bounce as SAND price continued to trade at its lowest since the major 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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