SAND hints at a bearish retracement below $4: Traders need to wait

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Investing or trading has a major requirement: patience. The Sandbox price analysis for Feb 17, 2022, shows that there is a huge chance that SAND might fall below its support of $4, or it is also possible that the token might rebound from the same level. Hence, investors are advised today to wait and let the metrics play out before putting their money on the metaverse token. The SAND price analysis for Feb 16 shows that the token failed in its attemtp to break into $5.

The data from CoinMarketCap shows that the trading volume of the token dropped 6.24% in the last 24 hours, followed by a 3.76% drop in the market cap. It is also to be expected that the Market Dominance of the token currently rests at 0.23%, while the Volume / Market Cap Ratio currently stands at 0.235. 

The daily candle for the token opened at a price of $4.17 and reached a daily high of $4.25. Meanwhile, the daily low for the token stands at a price of $4.0045. It is also important to note that currently, the token is priced at $4.0947, which is 51.63% low from its all-time high.

SAND price analysis on the daily chart

SAND price analysis for Feb 17, 2022, can be concluded on a bearish, and we will be using the 3 major indicators on the daily chart for predicting the future price movement.

SAND price analysis

Source: TradingView

The RSI levels have declined below the 50-mark which means that the prices will remain sluggish until an outbreak towards $50 is not confirmed. 

The prices have dipped below the middle zone of the Bollinger Bands which means that the prices will now enter the bearish zone. Also, the gradient of the line is negative, suggesting that lower prices are possible. 

The MACD indicator shows that the MACD line (blue) is touching the signal line (orange) which confirms that a bearish divergence is possible. 

Conclusion

The basis of our SAND price analysis for Feb 17, 2022, is that if SAND falls below $4, we might see the metaverse token revisit the $3.4 price level.

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