SAND fails to hold above $3.6 as $3.5 turns into support

SAND price analysis for March 29 ends on a bullish note for the token but indicators show that a bearish coll-off period is also possible.
SAND price analysis for March 29 ends on a bullish note for the token but indicators show that a bearish coll-off period is also possible.

SAND price analysis for March 29, 2022, confirms that the chances of the metaverse token breaking above the $3.6 price level and entering the $4 price region are low as the market seems to have sided with the bulls for today as well. Moreover, we noted in our SAND price analysis for March 28, 2022, that the token dropped to the 40th position in the crypto space. However, at the time of writing, the token has also dropped out of the top 40 tokens and is ranked 41st. 

The data from CoinMarketCap shows that the trading volume of the token surged by around 9.29% in the last 24 hours followed by a 0.22% surge in the market cap. Moreover, the Market Dominance of the token dropped to 0.19%, while the Volume / Market Cap Ratio has a value of 0.1835.

The daily candle for SAND opened at a price of $3.46 and reached a daily high of $3.595. Also, the daily low for the token stands at $3.45, and the price of 1 SAND at the time of writing is $3.5612.

SAND price analysis for March 29 on the daily chart

SAND price analysis on the daily chart for March 29 will consider the readings from the following indicators as seen in the figure below.

SAND price analysis
Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other as chances of losing $3.5 as support and witnessing a bearish divergence seem high for SAND.

The RSI indicator shows a value of 59.8 which means that the bearish pressure is fading away slightly as the token is not progressing as well as the other cryptocurrencies in the market. 

The price action for SAND is currently testing the upper end of the Bollinger Bands which means that bulls are in control overall. 

Conclusion

SAND price analysis for March 29, 2022, ends on a bullish note for the token but indicators show that a bearish coll-off period is also possible.

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? He loves cryptocurrencies.