SAND breaks above $3: An uptrend or a bull trap?

SAND price analysis for Feb 25, 2022, can be confirmed on a bullish note as the token surged nearly 13% in the last 24 hours. The metaverse token broke into the $3 price level despite the Russia-Ukraine conflict instilling fear in the market of investors. Moreover, as seen in our The Sandbox price analysis for Feb 24, the token fell below $3. Investors that bought SAND on the 24th might’ve made a decent profit.

The data from CoinMarketCap shows that the trading volume of the token surged 3.51% in the last 24 hours, followed by a 12.87% surge in the market cap. Moreover, the Market Dominance of the token rests at 0.19%, while the Volume / Market Cap Ratio has a value of 0.4131.

The daily candle for the token opened at a price of $3.02 and reached a daily high of $3.095. It is also important to note that the daily low for the token stands at $2.95, and the price of 1 SAND at the time of writing is $3.081. The $3 price needs to turn into support for a further uptrend. 

SAND price analysis for Feb 25 on the daily chart

SAND price analysis on the daily chart for Feb 25 can be confirmed on a bullish note for today, but a deeper analysis will be implemented using three major indicators.

Source: TradingView

The MACD indicator shows that the MACD line continues below the signal line, which means that lower prices are possible. 

The RSI indicator reads a value of 35.74 which means that the bears are in charge, and chances of making new ATH are low for the coming days. 

The price action is situated in the lower end of the Bollinger Bands, and it is possible that SAND drops out of the lower end, crashing the prices below $3.

Conclusion

SAND price analysis for Feb 25, 2022, can be confirmed on a bullish note, but indicators show that prices might fall more in the near future.