SAND breaks below $3: The Metaverse magic fading away?

The Sandbox is one of the most promising projects when we talk about the metaverse. It is to be noted that the SAND token has seen a huge boom in 2021 and started in 2022 on a bearish note. As predicted in our The Sandbox price analysis for Feb 22, the token fell below $3 as it was unable to break through the $3.5 resistance. 

The data from CoinMarketCap shows that the trading volume of the token surged 42.67% in the last 24 hours, followed by a 12.83% drop in the market cap. Moreover, the SAND prices fell 13.38% in the last 24 hours. The value of the Volume / Market Cap Ratio stands at 0.4127, while the Market Dominance of the token rests at 0.19%.

The daily candle for the token opened at a price of $2.9 and reached a daily high of $2.98. Moreover, the daily low of the token stands at a price of $2.81, while at the time of writing, the price of 1 SAND is $2.95. The token is nearly 65% off from its all-time high witnessed on Nov 25, 2021. 

SAND price analysis on the daily chart for Feb 22

The SAND price analysis for Feb 22 is implemented using 3 major indicators which are very important to predict the price action for every asset.

Source: TradingView

The RSI line shows a value of 32.47 which is just above the oversold region. Moreover, the gradient of the line is negative which means that lower prices are possible in the near future. 

The MACD indicator shows that the MACD line (blue) has broken below the signal line (orange) which means that lower prices are possible. Moreover, the MACD histogram is also bearish overall. 

SAND prices are testing the lower end of the Bollinger Bands and there is a huge chance that the token might witness a bearish breakout. 

Conclusion

The SAND price analysis for Feb 22 confirms that the chances of the token reclaiming $3 are very bleak and lower prices are possible.