SAND finds support at $2.6 as bulls fail another attempt at $3

SAND price analysis for March 14, 2022, confirms that the metaverse token is gradually fading away as the DeFi tokens, led by LUNA, are wiping out the metaverse mania. However, this doesn’t mean that The Sandbox is a poor investment. As noted in our SAND price analysis for March 10, the $3 price level is an important resistance for cryptocurrency. 

The data from CoinMarketCap shows that the trading volume of the token shot up by 5.83% in the last 24 hours followed by a 4.51% 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 0.1418.

The daily candle for SAND opened at a price of $2.71 and reached a daily high of $2.76. Also, the daily low for the token stands at $2.69, and the price of 1 SAND at the time of writing is $2.7313.

SAND price analysis for March 14 on the daily chart

SAND price analysis on the daily chart for March 14 can be implemented using the 3 major indicators for the price action. It is also important to note that the current price of SAND is nearly 67.55% low than the all-time high at 8.44 USD.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are overlapping which hints that prices remain sluggish as major uncertainty continues in the market. 

The RSI indicator reads a value of 37.85 which means that the bears are in charge and the gradient of the line is negative which confirms that lower prices might follow. 

The price action is situated in the lower end of the Bollinger Bands for SAND and it seems that there is a high probability of the metaverse token breaking out from the lower region. 

Conclusion

SAND price analysis for March 14, 2022, confirms that the metaverse token remains bearish and might remain stuck between $2.5-$3 in the near future as well.