SAND breaks above $3: HODL or short for gains?

SAND price analysis for March 1, 2022, comes on a bullish note as the token has surged nearly 8.5% in the last 24 hours. Moreover, it is also important to note that the $3 price level was an important resistance region, as noted in our The Sandbox price analysis for February 28. It can be said that the token has turned this price region into support, and investors are safe if SAND holds above $3. 

The data from CoinMarketCap shows that the trading volume of the token has surged 28.55% in the last 24 hours, followed by a 12.08% rise 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 0.3377.

The daily candle for the token opened at a price of $3.2 and reached a daily high of $3.28. It is also important to note that the daily low for the token stands at $3.12, and the price of 1 SAND at the time of writing is $3.1869. It is also important to note that the prices need to stay above the $3 price level in order to confirm an uptrend for The Sandbox.

SAND price analysis for March 1 on the daily chart

SAND price analysis on the daily chart for March 1 will be using three major indicators that have been very helpful to investors in recent years.

Source: TradingView

MACD line is tough the signal line, and it is possible that we might see a bullish divergence which might drive prices higher for SAND.

The RSI line continues in the bearish region and reads a value of 42 which means that bears are in charge of the metaverse token. 

The price action remains in the lower end of the Bollinger Bands, which means that bulls are not strong enough. 

Conclusion

SAND price analysis on the daily chart for March 1 concludes on a bullish note, and chances are that the token will hold above $3.