SAND forms 2nd bullish candle: $4 next?

SAND price analysis for Feb 23, 2022, can be confirmed on a bullish note, but it is also important to note that the overall price action for The Sandbox is bearish, and we are not completely out of danger. As seen in our The Sandbox price analysis for Feb 22, the token fell below $3, and a similar situation might come in the near future if $4.5 is not turned into support soon. 

The data from CoinMarketCap shows that the trading volume of the token dropped 16.86% in the last 24 hours, followed by a 6.30% surge in the price of the token. Moreover, it is also important to note that the Market Dominance of the token stands at 0.25%, while the Volume / Market Cap Ratio of the token stands at 0.3149. 

The daily candle for SAND opened at a price of $3.16 and reached a daily high of $3.29. Moreover, the daily low for the token stands at a price of $3.12, and at the time of writing, the price of 1 Sandbox token is nearly $3.23. 

SAND price analysis for Feb 23 on the daily chart

SAND price analysis for Feb 23, 2022, can be confirmed on a bullish note for the token, but we will make use of 3 major indicators for the prediction of future prices.

Source: TradingView

The MACD indicator shows that the MACD line (blue) continues below the signal line (orange), i.e., the bears are still in control. 

The RSI line shows a reading of 38.71, which is an indication of huge bearish movement. However, SAND did not go into the oversold level and shot straight past that zone. 

The price action has started to move upwards after a failed attempt of a bearish breakout from the lower end of the Bollinger Bands. 

Conclusion

SAND price analysis for Feb 23, 2022, can be confirmed on a bullish note, but in order to confirm an uptrend, the token needs to reclaim $4.5.