SAND drops 9% losing the gains made last week: Time to buy?

SAND price analysis for April 1, 2022, confirms that the token has turned bearish following a whopping 9% drop in prices in the last 24 hours which confirmed that the bears are once again in control of the price action for the metaverse token. Furthermore, the SAND price analysis for March 31, 2022, confirmed that the possibilities of the metaverse token breaking and entering the $4 price region seemed way too low. Moreover, the token was also unable to retain the 39th position in the crypto market and is currently 39th.

The data from CoinMarketCap shows that the trading volume of the token dropped by around 7.89% in the last 24 hours followed by a 9% drop in the market cap. Moreover, the Market Dominance of the token declined to 0.19%, while the Volume / Market Cap Ratio has a value of 0.2518.

The daily candle for SAND opened at a price of $3.3901 and reached a daily high of $3.4500. Also, the daily low for the token stands at $3.2315, and the price of 1 SAND at the time of writing is $3.3472

SAND price analysis for April 1 on the daily chart

SAND price analysis on the daily chart for April 1 will take into account the data provided by the indicators on the daily chart below.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are quite close to each other and chances of a bearish breakout seem quite high for SAND.

The RSI indicator reads a value above 52 which means that the bulls have lost their grip on the price action and the gradient of the line suggests that the $3 retest is possible. 

The price action of SAND is currently retesting the middle zone of the Bollinger Bands which means there is a surge in selling pressure. 

Conclusion

SAND price analysis concludes on a bearish note for the token as chances of retesting the $3 price support seem quite high.