SAND below $3 presents buying opportunities: Metaverse to prevail?

SAND price analysis for March 7, 2022, opens on a bearish note for the token, which has lost the $3 price zone, and now, investors are worried about the metaverse token, which saw an all-time high of 8.44 USD on November 25, 2021. It is important to note that the token had reclaimed the $3 price level on SAND price analysis for March 4 but failed to retain it.

The data from CoinMarketCap shows that the trading volume of the token has shot up 13.08% in the last 24 hours, followed by an 8.31% drop in the market cap. Moreover, the Market Dominance of the token rests at 0.18%, while the Volume / Market Cap Ratio has a value of 0.178.

The daily candle for the token opened at a price of $2.84 and reached a daily high of $2.85. It is also important to note that the daily low for the token stands at $2.74, and the price of 1 SAND at the time of writing is $2.77. It is imperative for SAND to reclaim $3, but the chances of that seem way too low for now.

SAND price analysis for March 7 on the daily chart

SAND price analysis on the daily chart for March 7 completes a bearish picture for the metaverse token.

Source: TradingView

The MACD indicator shows that the signal line is touching the MACD line, and the former will now break above the latter as selling pressure continues to surge. 

The RSI line has a value of 36.83, and the gradient of the line is negative for SAND. There is a possibility that DOT tokens might lose the $16 price level as support.

The price action is situated in the lower end of the Bollinger Bands, which means that lower prices are possible in the coming days, and SAND price action might break out of the lower end of the Bands. 

Conclusion

SAND price analysis for March 7, 2022, concludes that the token will remain bearish and break below $16 in the coming days.