SAND once again back to $3.5 as bulls aim to hold here

SAND price analysis for April 4, 2022, comes on a slightly bullish note for the metaverse token as the chances of making a move towards $4 are low. This is because of the lack of volume in the crypto market and the movement being sluggish for a number of tokens. Moreover, we also noted in our SAND price analysis for April 1, 2022, that the token lost $3.5 and now, the bulls aim to convert this region into support once again. We will discuss the possibilities of success. 

The data from CoinMarketCap shows that the trading volume of the token dropped by around 28.08% in the last 24 hours followed by a 0.27% drop in the market cap. Moreover, the Market Dominance of the token rests at 0.19%, while the Volume / Market Cap Ratio has a value of 0.1332.

The daily candle for SAND opened at a price of $3.5412 and reached a daily high of $3.5435. Also, the daily low for the token stands at $3.4600, and the price of 1 SAND at the time of writing is $3.4995

SAND price analysis for April 4 on the daily chart

SAND price analysis on the daily chart for April 4 will take into account the data from all the indicators placed on the daily chart below.

Source: TradingView

The RSI indicator reads a value of 56.16 which means that the bulls are in control of the price action but gradually, we are moving to lower prices.

The MACD indicator shows that the MACD line and the signal line are very close to each other as chances of a bearish divergence seem quite high for SAND.

The price action for the metaverse token is situated in the upper end of the Bollinger Bands which means that buying pressure is quite high for now. 

Conclusion

SAND price analysis for April 4, 2022, ends on a bearish note as chances of SAND consolidating above the $3.5 price zone seem low.