SAND breaks below $3 as metaverse tokens underperform

SAND price analysis for April 11, 2022, begins on a bearish note for the token as we can confirm that the token has lost the $3 price support which has been holding for a long time. Furthermore, as noted in our SAND price analysis for April 8, 2022, the token has found a strong resistance above $3.5 and it was able to move towards $4. Since the $3 support has been broken, we can expect SAND to go below $2 in the coming days.

The data from CoinMarketCap shows that the trading volume of the token dropped by around 43.10% in the last 24 hours, followed by a 1.41% surge 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 0.09817.

The daily candle for SAND opened at a price of $2.88 and reached a daily high of $2.90. Also, the daily low for the token stands at $2.83, and the price of 1 SAND at the time of writing is $2.85.

SAND price analysis for April 11 on the daily chart

SAND price analysis on the daily chart for April 11 will take into account the indicators on the daily chart below.

Source: TradingView

The price action has dropped to the lower end of the Bollinger Bands which means that we can expect a bearish outburst of the token in the coming days. 

The RSI indicator reads a value below 40 which means that the buying pressure is very high and the SAND token is not in demand as it used to be. The gradient of the line suggests that lower prices are to come.

The MACD indicator shows that the MACD line is below the signal line and also, a bearish divergence has been confirmed. 

Conclusion

The SAND price analysis for April 11, 2022, ends on a bearish note for the token as chances of a retracement towards $2.5 seem quite high.