SAND back in the list of top 40 as prices struggle to maintain $3.5

SAND price analysis for March 30, 2022, confirms that the chances of the metaverse token losing a $3.5 price level are high. Furthermore, we can also see that the token has been working its way to the $4 price resistance but has been continuously shut down by the strong pressure from the sell orders. It is also important to note that the SAND price analysis for March 29, 2022, confirmed that $3.5 is a crucial support level that needs to hold. 

The data from CoinMarketCap shows that the trading volume of the token surged by around 3.85% in the last 24 hours followed by a 2.04% drop in the market cap. Moreover, the Market Dominance of the token dropped to 0.19%, while the Volume / Market Cap Ratio has a value of 0.1948.

The daily candle for SAND opened at a price of $3.507 and reached a daily high of $3.5305. Also, the daily low for the token stands at $3.49, and the price of 1 SAND at the time of writing is $3.4978.

SAND price analysis for March 30 on the daily chart

SAND price analysis on the daily chart for March 30 will take into account the data from the indicators embedded in the daily chart below.

Source: TradingView

The RSI indicator shows a value of 58.11 which means that the bulls are in control and the chances of losing the $3.5 price level as support seem quite low. The gradient of the line suggests that price action will remain sluggish.

The MACD indicator shows that the MACD line and the signal line are nearly parallel with the former progressing above the latter. 

The price action for SAND is gradually attempting to break out from the upper end of the Bollinger Bands and soon, we might see a bullish breakout if buying volume jumps.

Conclusion

The SAND price analysis for today confirms that the SAND price action is being dominated by the bulls for now but the chances of losing $3.5 seem high.