SAND once again rejected at $3: Where do we go from here?

SAND price analysis comes on a bullish note for today but it is also important to note that the token is still stuck in a downtrend and there are chances that the metaverse token will be rejected at the $3 price level once again. This is because the volume is not high enough to defeat the bearish pressure that prevails in the crypto space since the mid-November sell-off, as noted in our SAND price analysis for March 7.

The data from CoinMarketCap shows that the trading volume of the token has surged by 16.89% showing that investors are buying the dip. This was followed by a 3% surge in the market cap as well. Moreover, the Market Dominance of the token surged to 0.19%, while the Volume / Market Cap Ratio has a value of 0.1998.

The daily candle for the token opened at a price of $2.72 and reached a daily high of $2.87. It is also important to note that the daily low for the token stands at $2.75, and the price of 1 SAND at the time of writing is $2.84. It is imperative for SAND to reclaim $3, but TheCoinRise thinks this won’t happen today.

SAND price analysis for March 8 on the daily chart

SAND price analysis on the daily chart for March 8 uses the most important indicators in the crypto space to predict the future.

Source: TradingView

The MACD indicator shows that the MACD line has broken below the signal line as the two lines are very close to each other. 

The RSI indicator shows a value of 38.72 which means that the SAND token is still stuck in a downtrend. 

The price action is situated in the lower end of the Bollinger Bands which means that a bearish outbreak from the lower end of the Bands is possible. 

Conclusion

SAND price analysis for March 8, 2022, concludes on a bearish note for the token which has failed continuously to reclaim $3.