SAND nears $3 with a 10% price surge: What’s next?

SAND price analysis for April 20, 2022, comes on a bullish note for the token with increased chances of breaking above $3 in the near future. The token did break above $3 today but the bulls were unable to hold here. As a result, we cannot expect the formation of an uptrend until the metaverse token doesn’t break above the $3.5 price zone and turn $4 into major support. As noted in our SAND price analysis for April 20, 2022, the metaverse has a strong resistance at $3 which hasn’t been broken for now. 

The data from CoinMarketCap shows that the trading volume of the token surged by around 177.84% in the last 24 hours, followed by a 9.30% surge in the market cap. Moreover, the Market Dominance of the token rose to 0.18%, while the Volume / Market Cap Ratio has a value of 0.2529.

The daily candle for SAND opened at a price of $2.92 and reached a daily high of $3.095. Also, the daily low for the token stands at $2.881, and the price of 1 SAND at the time of writing is $2.98.

SAND price analysis for April 20 on the daily chart

SAND price analysis on the daily chart for April 20 will consider the data from the daily chart below which include 3 major indicators in the TA space.

Source: TradingView

The RSI indicator for SAND reads a value below 50 which confirms that the bulls are taking control and bears are being pushed out of the market.

The MACD indicator shows that the MACD line aims to break above the signal line which confirms a bullish divergence for the metaverse token. 

The price action is currently situated in the lower end of the Bollinger Bands but is currently retesting the middle zone of the Bands as well. 

Conclusion

SAND price analysis for April 20, 2022, ends on a bullish note for the token but the token needs to consolidate above $3 to confirm an uptrend.