Sandbox (SAND) price fails to capitalize on the previous session’s gains. SAND is falling continuously since February 16 slicing critical moving averages. The recent price action has re-entered the $2.82 and $3.08 demand zone.
- Sandbox (SAND) price edges lower on Wednesday.
- SAND remains pressured below critical 50-day and 200-day EMA.
- RSI trades near oversold territory but still, the market is far from cooling off.
As of writing, SAND/USD is trading at $3.08, down 2.93% for the day.
In the recent update, the Sandbox one of the top blockchain-based metaverse game experiences launched 10,000 Snoop Dogg avatar NFTs on Tuesday. However, the metaverse coin remains unfazed by the news.
SAND looks for the sign for reversal
Source: Trading View
On the daily chart, Sandbox (SAND) price action is near a crucial point after its recent crash where it might set for the next directional bias. SAND has nose-dived almost 45% since February 16 and has pierced through the critical moving averages placed at 200 and 50-day EMAs.
However, the recent retracement is possibly a sign to make a U-turn, therefore, and then begin an ascent toward the psychological $4.0 level. Next, market participants could test the weekly resistance barrier at $4.71 in a highly optimistic scenario.
On the flip side, a spike in sell orders could see SAND breach the session’s low of $3.06 resulting in the continuation of the downtrend. Furthermore, a daily candlestick close below $2.62 would create a lower low and invalidate the bullish outlook.
Investors would like to explore to $2.30, levels last seen in November.
RSI: The Daily Relative Strength Index (RSI) stands at 33 below the average line.
MACD: The Moving Average Convergence Divergence (MACD) hovers below the midline with a bearish bias.
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