SAND jumps nearly 6% and reclaims 39th position in the market

SAND price analysis for March 31, 2022, comes on a bullish note for the metaverse token as chances of breaking $4 seem quite high for the token. Moreover, with the market slightly recovering from the bearish trajectory that was followed in recent days, the entire industry seems to have turned bullish. The SAND price analysis for March 30, 2022, noted that the token was struggling above $3.5 but turned bullish thereafter.

The data from CoinMarketCap shows that the trading volume of the token surged by around 37.41% in the last 24 hours followed by a 5.83% surge in the market cap. Moreover, the Market Dominance of the token surged to 0.20%, while the Volume / Market Cap Ratio has a value of 0.249.

The daily candle for SAND opened at a price of $3.52 and reached a daily high of $3.86. Also, the daily low for the token stands at $3.51, and the price of 1 SAND at the time of writing is $3.69.

SAND price analysis for March 31 on the daily chart

SAND price analysis on the daily chart for March 31 will discuss the readings from the indicators placed on the daily chart below.

Source: TradingViewThe MACD indicator shows that the MACD line and the signal line are very close to each other as the MACD histogram has turned bullish too. The former line is above the latter which means bulls are in charge. 

The RSI indicator reads a value above 63 which confirms that the buying pressure is quite high for the token as chances of SAND breaking into $4 are high. The gradient of the line suggests that higher prices will follow today. 

The price action is situated in the bullish end on the Bollinger Bands which means that the chances of a bullish breakout remain high for SAND.

Conclusion

The SAND price analysis for today confirms that it will follow a bullish price trajectory as chances of breaking above $4 seem quite high