SAND jumps another 7% as metaverse popularity refuses to fade

SAND price analysis for March 24, 2022, confirms a bullish trajectory being followed by the price action of The Sandbox’s token with a 7% price surge in the last 24 hours. Moreover, the token also broke above the strong resistance at $3.25 which was noted in our SAND price analysis for March 23. Furthermore, the token now aims to enter the $3.5 price level which is another major hurdle.  

The data from CoinMarketCap shows that the trading volume of the token surged by around 88.65% in the last 24 hours followed by a 6.4% surge in the market cap. Moreover, the Market Dominance of the token rose to 0.20%, while the Volume / Market Cap Ratio has a value of 0.321.

The daily candle for SAND opened at a price of $3.3001 and reached a daily high of $3.315. Also, the daily low for the token stands at $3.3001, and the price of 1 SAND at the time of writing is $3.4103.

SAND price analysis for March 24 on the daily chart

SAND price analysis on the daily chart for March 24 will briefly discuss the 3 major indicators on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line is above the signal line which means that chances of SAND reclaiming $3.5 are pretty much high as the MACD histogram also remains bullish with green bars. 

The RSI indicator for SAND reads value above 58 which means that the demand of the token is still very much high as the gradient of the RSI line suggests that higher prices will be witnessed in the future as well.

The price action for SAND aims to break out of the upper end of the Bollinger Bands but due to a strong resistance at $3.5, it failed to do so.

Conclusion

SAND price analysis for March 24, 2022, ends on a bullish note for the token as chances of reclaiming $3.5 remain quite high, as per indicators.