SAND bulls try to hold $4.2 as support: Here are signals to watch out for

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SAND price analysis for Feb 16, 2022, comes on a sluggish note for investors as the token is unable to push through $4.4 and reach $5. As seen in our Sandbox price analysis for Feb 15, 2022, the metaverse token reclaimed $4 and has since then made good progress. It is very important for the bulls to retain $4.2 as support, or else, we might see the token below $4 once again. 

The data from CoinMarketCap shows that the trading volume of the token surged 1.68% in the last 24 hours, followed by a 1.42% surge in the market cap. The Market Dominance of the token rests at 0.23%, followed by a Volume / Market Cap Ratio of 0.2275. The market rank of the token is 35. 

The daily candle for The Sandbox opened at a price of $4.418 and reached a daily high of $4.45, while the daily low of the token stands at $4.2. The price of 1 SAND at the time of writing is $4.26, and it seems that there is a chance that the token might hit $4.8 in the near future.

SAND price analysis on the daily chart

In the chart below, we can see three major indicators which will help us analyze the next target for traders.

SAND price analysis

Source: TradingView

SAND price analysis on the daily chart below shows that the RSI has continued to make higher highs and the RSI right now reads $50.6. Overall, the buying pressure matches the selling pressure.

On the other hand, the MACD indicator shows that the MACD line (blue) is very close to the signal line (orange), and if bulls do not regain control, the former might fall below the latter, which will confirm a bearish divergence that would ring a death knell to higher prices in the coming days.

The price action is retesting the middle zone of the Bollinger Bands, and if bulls are unable to maintain their pace, the token might once again fall into the lower region of the Bands. Overall, TheCoinRise is bullish on SAND.

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