SAND in danger off falling below $3: Buy more or sell now?

SAND price analysis for March 3 confirms that the token has turned bearish following a surge in selling pressure. It seems that the metaverse magic is fading away as the token is nearly 62.06% low from the all-time high that was witnessed on November 25, 2021, at a price of 8.44 USD. The data from our SAND pice analysis for March 2 shows that the token failed to breach $3.5 and fell below the $3.3 price level. 

The data from CoinMarketCap shows that the trading volume of the token has dropped 29.33% in the last 24 hours, followed by a 2.57% drop in the market cap. Moreover, the Market Dominance of the token rests at 0.19%, while the Volume / Market Cap Ratio has a value of 0.2867.

The daily candle for the token opened at a price of $3.27 and reached a daily high of $3.29. It is also important to note that the daily low for the token stands at $3.14, and the price of 1 SAND at the time of writing is $3.195. It is a fact that the prices need to stay above the $3 price level to confirm the formation of an uptrend for The Sandbox token.

SAND price analysis for March 3 on the daily chart

SAND price analysis on the daily chart for March 3 will be using three major indicators, without which we can’t pinpoint an exact price trajectory for the token.

Source: TradingView

The MACD line is breaking above the signal line confirming a bullish divergence but selling volume remains the same.

The RSI reads a value of 42 which means that bears are in control overall and token might fall below $3.

The price action is situated in the lower end of the Bollinger Bands which means that selling pressure is defeating the buyers

Conclusion

SAND price analysis for March 3, 2022, confirms a bearish trajectory for the token and chances of SAND dropping below $3 are high.