SAND nears $3.5 resistance: Will prices fall below $3?

SAND price analysis for Feb 21, 2022, confirms that the metaverse token is bearish overall with a 2.6% price surge in the last 24 hours. The downtrend for the token continues and it seems that we might revisit $3 in the near future. It is also important to note that in our The Sandbox price analysis for Feb 18, 2022, we saw the metaverse token drop below $4.

The data from CoinMarketCap shows that the trading volume of tokens surged 23.43% in the last 24 hours followed by a 2.19% surge in the market cap. Moreover, the current Market Dominance of the token stands at 0.20% while the Volume / Market Cap stands at a value of 0.2528. 

The daily candle for SAND opened at a price of $3.19 and reached a daily high of $3.3. Furthermore, the daily low for the token stands at a price of $3.15. Moreover, the current price of the token stands at a price of $3.3626. 

SAND price analysis on the daily chart for Feb 21

SAND price analysis on the daily chart for Feb 21 uses 3 major indicators that will help us predict the future prices of the token.

Source: TradingView

The SAND price analysis shows that the token is bearish based on the RSI movement and there is a chance that the token might fall further. The value of the RSI reads 38.34.

The MACD indicator shows that the MACD line (blue) has broken below the signal line (orange), confirming a bearish divergence. The MACD histogram is also bearish with red candles. 

The price action has finally dropped to the lower end of the Bollinger Bands and it is possible that we might witness lower prices if the price action breaks out from the lower end of the Bands. It is possible for SAND to fall to $3.

Conclusion

SAND price analysis for Feb 21, 2022, can be confirmed on a bearish note for the token as price action is still stuck in a downtrend. Prices might fall to $3.