SAND finds support at $2.7 as market sell-off continues

SAND price analysis for April 12, 2022, comes on a bearish note for the token as we have witnessed a price decline of over 3.34% in the last 24 hours followed by a similar market cap as well. It is also important to consider the fact that the metaverse token lost its very crucial support at the $3 price region which confirms that the token is once again stuck in a downtrend. Furthermore, we also noted in our SAND analysis for April 11, 2022, that the token has been underperforming in recent days. 

The data from CoinMarketCap shows that the trading volume of the token jumped by around 53.82% in the last 24 hours, followed by a 3.3% drop in the market cap. Moreover, the Market Dominance of the token dropped to 0.17%, while the Volume / Market Cap Ratio has a value of 0.1618.

The daily candle for SAND opened at a price of $2.67 and reached a daily high of $2.756. Also, the daily low for the token stands at $2.66, and the price of 1 SAND at the time of writing is $2.755.

SAND price analysis for April 12 on the daily chart

SAND price analysis on the daily chart for April 12 will take into account the data from the daily chart below which consists of 3 major indicators on the daily chart.

Source: TradingView

The MACD indicator confirms that the MACD line and the signal line are moving apart while the MACD histogram has also turned bearish in the last 24 hours. 

Furthermore, the RSI indicator has dropped below the 38 mark which means that the selling pressure has been very high and the demand for the SAND token continues to decrease. 

The price action for the metaverse token has broken out from the lower end of the Bollinger Bands.

Conclusion

The SAND price analysis for April 12, 2022, confirms that the token might continue its bearish trajectory in the short term.