SAND drops 8% in 24 hours: Watch out for these levels

SAND price analysis for April 18, 2022, comes on a bearish note for the token which has seen a price drop of over 8% in the last 24 hours. Furthermore, the metaverse token has seen a sharp decline in prices in the past 7 days and it seems that this might continue in the near future as well. As per our previous analysis for SAND on April 15, 2022, TheCoinRise noted that SAND has important support at $

The data from CoinMarketCap shows that the trading volume of the token surged by around 27.95% in the last 24 hours, followed by a 7.45% drop in the market cap. Moreover, the Market Dominance of the token rests at 0.17%, while the Volume / Market Cap Ratio has a value of 0.088.

The daily candle for SAND opened at a price of $2.67 and reached a daily high of $2.72. Also, the daily low for the token stands at $2.53, and the price of 1 SAND at the time of writing is $2.57.

SAND price analysis for April 18 on the daily chart

SAND price analysis on the daily chart for April 18 will consider the data from the daily chart below with 3 of the most crucial indicators integrated into it.

Source: TradingView

The RSI indicator for SAND reads a value below 36 which means that the bears are currently pushing the token down which means that $2.5 might not hold as support. 

Furthermore, the MACD indicator shows that the MACD line remains below the signal line which confirms that the chances of the metaverse token reclaiming $2.8 seem quite low. 

The price action is currently situated in the lower end of the Bollinger Bands which means that SAND might drop below $2.5 if bears remain in control. 

Conclusion

SAND price analysis for April 18, 2022, ends on a bearish note for the token as chances of breaking above $2.8 are very low while $2.5 currently holds as a strong support.