The Sandbox (SAND) price analysis for Feb 14, 2022, comes on a bearish note as the metaverse token has fallen nearly 7% in the past 24 hours. Despite opening the monthly candle for Feb on a bullish note, as seen in our price analysis for Feb 9, 2022, the token has now once again failed to break away from its downtrend.
The data from CoinMarketCap shows that the market cap of the token dropped 6.95% in the last 24 hours followed by a 2.20% drop in the trading volume. Moreover, the Market Dominance of the token stands at 0.22% while the Volume / Market Cap Ratio currently stands at a value of 0.1919.
The token is ranked 35 in the crypto space and began the daily candle at a price of $4.06 and reached a daily high of $4.09. Moreover, the daily low for the token stands at a price of $3.8. It can be expected that the SAND token might make a move towards the lost support of $4.3 in the near future.
SAND price analysis on the daily chart
The SAND price analysis on the chart below shows that the MACD line (blue) is nearly touching the signal line (orange) and if the former breaks below the latter, we might witness a bearish divergence which will lead to lower prices.
The RSI line below confirms that the token has turned bearish and dipped into lower levels. Moreover, the gradient of the line is negative which means that lower prices are definitely possible.
The price action has broken into the lower zone of the Bollinger Bands which means that bears have once again taken control.
Conclusion
The Sandbox (SAND) price analysis on the daily chart can be concluded on a bearish note for Feb 14, 2022. However, it is expected that the popularity of the platform will drive the token towards higher prices in the near future.
🔥JOIN THECONRISE.COM'S MONTHLY $1000 GIVEAWAY AND FEEL VALUED AS A READER! DON'T MISS OUT! 🔥
