SNEAK PEEK
- A close examination of the market for sand indicates an ongoing rising tendency.
- SAND’s price has increased considerably, up 10.63%, to $0.4552
- The price of sandbox has a support level at 0.4086 and a resistance level at 0.47233
The previous 24 hours have seen buyers have considerable control over the Sandbox (SAND) market, with prices fluctuating between $0.4086 and $0.4723. In an indication of their conviction that the level of resistance will be breached and the price will continue to rise, the bulls are driving prices closer to the level of resistance.
The Bollinger Bands for the SAND market are narrowing, with the upper band at $0.4730 and the lower band touching $0.3816, indicating that market volatility is decreasing. Although the market as a whole is increasing, this action indicates the bulls’ grip over the SAND market is weakening. This means that investors should proceed with caution while establishing new holdings.
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As the price action proceeds towards the upper band and a green engulfing candlestick appears, it is projected that the bullish control will continue.
The MACD line is trending downward at -0.0256, which is another warning that the recent period of bullish dominance in SAND may be about to come to an end. However, the upward trend of the histogram and the ascent of the MACD blue line above the signal line mitigate this gloomy outlook. The bears may have their hopes dashed as a result of this action.
The SAND market’s bullish trend is being called into doubt by the stochastic RSI, which is now at 97.11, far below its signal line. This trend indicates that the bulls’ momentum is waning, raising the odds that the bears may gain ground soon.
In the short term, however, as seen on the 2-hour price chart, bullish control may be maintained due to the fact that Bollinger Bands are expanding, indicating growing purchasing pressure. This optimistic view has support between the high of $0.4800 and the low of $0.3921.
The moving average of the MACD is also positive (0.0104), suggesting that bulls may have some influence over the market in the near future. Bulls are attempting to breach a level of resistance, and this activity has raised traders’ optimism for a price gain in the near future.
The movement of the stochastic RSI below its signal line is another hint to traders that the bullish force in the SAND market may not be sustainable and that they should prepare for a probable reversal.
Disclaimer: In good faith, we disclose our thoughts and opinions in our price analysis, as well as all the facts we give. Each reader is responsible for his or her own investigation. Reader discretion is advised before taking any action.