SAND below $3: Buy now or wait for lower prices?

SAND price analysis for Feb 24, 2022, can be confirmed on a bearish note since the token has dropped by more than 13% in the last 24 hours. Moreover, the prices for The Sandbox token are currently 67.31% low from the all-time high of $8.44 witnessed on Nov 25, 2021. The sudden bullish outburst seen in our The Sandbox price analysis for Feb 23 has faded. 

The data from CoinMarketCap shows that the trading volume of the token has surged by more than 17.14% in the last 24 hours, followed by a 13.60% drop in the market cap in the same duration. The Market Dominance of the token rests at 0.19%, while the Volume / Market Cap Ratio has a value of 0.453. 

The daily candle of the SAND token was initiated at a price of $2.99 and reached a daily high of $3.015. Moreover, the daily low for the token stands at a price of $2.62 while the price of 1 SAND at the time of writing stands at $2.79. 

SAND price analysis for Feb 24 on the daily chart

SAND price analysis on the daily chart for Feb 24 can be completed on a bearish note for the token using 3 major indicators in the crypto market.

Source: TradingView

The MACD indicator shows that the MACD line (blue) has crossed below the signal line (orange) which means that the bears are in charge and lower prices are possible. The MACD histogram has also turned red. 

The RSI indicator shows a value of 32.72 while the gradient of the line is quite negative. This means that the prices will remain bearish in the short term. 

The price action is currently retesting the lower end of the Bollinger Bands which means a breakout is possible. The $50 price support might not remain for long. 

Conclusion

The SAND price analysis for Feb 24, 2022, can be concluded on a bearish note and indicators say that the token might fall below $50.