SAND makes a bullish engulfing candle: Ready for an uptrend?

SAND price analysis for March 16, 2022, comes on a slightly optimistic note for the metaverse token as the chances of The Sandbox breaking above the $3 price level seem to be quite low. Moreover, the SAND price analysis for March 15 noted that the $2.5 level was a strong price support for the token as the token rebounded and turned bullish. But the $3 price resistance seems to be a bit too much for SAND.

The data from CoinMarketCap shows that the trading volume of the token dropped by 6.15% in the last 24 hours followed by a 4.22% surge in the market cap. Moreover, the Market Dominance of the token rests at 0.18%, while the Volume / Market Cap Ratio has a value of 0.1246.

The daily candle for SAND opened at a price of $2.73 and reached a daily high of $2.8285. Also, the daily low for the token stands at $2.72, and the price of 1 SAND at the time of writing is $2.79.

SAND price analysis for March 16 on the daily chart

SAND price analysis on the daily chart for March 16 will introduce 3 major indicators in the crypto space to the readers.

Source: TradingView

The RSI indicator reads a value of 40.27 as the bears remain in control and the gradient of the line suggests that the token is following a stagnant path. 

The MACD indicator shows that the MACD line and the signal line are nearly overlapping but the former prevails indicating that the chances of a bullish divergence are quite high in the near future. 

The price action is situated in the lower end of the Bollinger Bands for SAND and hence, the chances of a bearish breakout are also high. 

Conclusion

SAND price analysis for March 16, 2022, confirms that the metaverse token will continue following an uncertain path until the $3 price resistance isn’t broken. Looking at the current scenario, the chances are quite slim.