Going into 2022, industry sellers have dominated the SAND selling price. The pair was rejected from the $seven mark and misplaced 34% of its worth on a drop to $four.48. The selling price not too long ago dropped under the .five FIB degree, suggesting that the token could lengthen the correction phase.
Main technical factors:
- The RSI chart of the SAND selling price exhibits a bullish divergence in the four-hour time frame
- The lines of the each day MACD slide under the neutral zone
- The 24-hour trading volume of the Sandbox token is $three.one billion, exhibiting a reduction of .83%.
Previously when we talked about an post about Sandbox token, the pair is holding a rally on Christmas 2021. However, the selling price failed to break via the $seven mark and due to sturdy provide, the token was quickly rejected with a star pattern. evening.
The latest bloodbath in the crypto markets extra to the ongoing marketing and drove the selling price even under the .five Fibonacci retracement degree.
The correction phase is that the SAND selling price has engulfed the twenty and 50 DMA lines. However, the total trend of this token is nevertheless bullish as it is trading over the a hundred and 200 DMA.
The moving common convergence divergence indicator (MACD) and the signal lines have just dropped under the neutral zone (.00), exhibiting that the bearish momentum is raising.
The selling price of sand resonates in a descending channel pattern
The Sandbox token is at the moment in re-testing. If the selling price sustains under this degree, a drop to the decrease assistance of $three.seven is achievable. Furthermore, the chart also exhibits a bearish parallel channel pattern, which led to this drop.
Until the token resonates within this pattern, the selling price could lengthen the correction phase. However, this pattern is rather identified for a rally when the selling price breaks out of its overhead resistance trendline.
The Relative Strength Index (forty) in the four-hour time frame is recovering steadily from the oversold zone. Furthermore, the bullish divergence in the RSI supports a breakout in the uptrend from the down channel.
Resistance: $four.61, $five.65
Support degree: $four.two, $three.five