SAND, the SandBox, has been free-falling since the month of August. The coin has registered a severe decline in demand, which has caused the crypto to lose further value. The asset has pierced through various support levels over the past few months. It lost 2.2% of its value in the last 24 hours. Over the past week, the coin has depreciated in double digits, which has caused the coin to reach a multi-month low on the chart. The technical outlook displayed that the coin has received very little demand, and the buyers have exited the market. The consistent fall in demand can be attributed to major market movers faltering on their respective charts. Support from the broader market remains crucial for The Sandbox (SAND) to recover. The technical outlook still points to the coin losing further value, which indicates that sellers can liquidate the asset and purchase it when it dips to sell it again when the value rises. The trading volume in Sandbox declined, indicating that the bears were in charge of the market. Related Reading: XRP Accumulation: Key Sharks And Whales Group Hits All-Time High Holdings SAND Price Analysis: One-Day Chart The coin was exchanging hands at $0.43 at the time of writing. SAND has been unable to maintain a price above $0.50 since the coin lost the $0.70 price. If The SandBox price stood above the $0.50 level, then there was a chance that the coin could propel the price further. Presently, the immediate resistance for the asset stands at $0.53. The price of crypto will rally if it breaks above $0.53. Conversely, if the altcoin dips, the first fall would be to $0.40 and then to $0.36. The zone between the $0.40 and the $0.30 can prove beneficial to traders as that would present a shorting opportunity. The amount of SAND traded in the last session was low, leading to increased sales. Technical Analysis SAND did not recover from the declining buying pressure throughout the month of December. The asset was now in the oversold zone. The Relative Strength Index (RSI) was at the 20 mark, which is undervalued territory. This indicated that the bears were still dominating. Usually, a visit to the oversold zone means that the price will bounce off to the upside. The asset price fell below the 20-Simple Moving Average (SMA) line, which meant that the sellers were driving the price momentum in the market. The other technical indicators also pointed towards the coin dipping, confirming that sellers could now benefit. The Directional Movement Index (DMI) was negative as the -DI line was above the +DI line; the indicator detects the price direction and momentum in the market. The Average Directional Index (ADX) was slightly above the 20-mark, which meant the price momentum for the asset was still low. The Parabolic SAR indicates the asset trend; the indicator was above the price candlestick, which meant that the coin depicted a downtrend. Related Reading: Chainlink Turns Bearish As Price Dips To 8-Month Low Featured Image From UnSplash, Charts From TradingView.com
SEC Hosts First-Ever Crypto Roundtable Today
