SAND eyes another double digit drop towards $2.5: Will $2.6 hold?

SAND price analysis for March 15, 2022, confirms that the metaverse token might be aiming for a double-digit drop towards the $2.5 price level. If the price of the token crashes below the $2.6 support that we are witnessing currently, there are chances that we might enter a bearish phase for the token as the next major support will be at $2. As noted in our SAND price analysis for March 14, the $2.6 price level is now a support. 

The data from CoinMarketCap shows that the trading volume of the token dropped by 4.40% in the last 24 hours followed by a 2.89% drop 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 0.1371.

The daily candle for SAND opened at a price of $2.74 and reached a daily high of $2.77. Also, the daily low for the token stands at $2.67, and the price of 1 SAND at the time of writing is $2.68.

SAND price analysis for March 15 on the daily chart

SAND price analysis on the daily chart for March 15 will be continued with these 3 indicators which will help us detect the future price action.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are nearly overlapping which means that SAND price volatility has declined by a huge amount as prices remain stagnant. 

The RSI indicator shows a reading of 36.98 which means that the chances of higher prices today are very low as bears remain in control. The gradient of the line is negative.

The price action is situated in the lower end of the Bollinger Bands which means that a bearish breakout can be witnessed sometime in the near future if bulls fail to take control.

Conclusion

The SAND price analysis for March 15, 2022, ends on a bearish note for the token as prices remain stagnant and chances of a prices crash are high.