SAND price analysis: SAND nears $5, remains sluggish

SAND price analysis for Feb 10, 2022 confirms a sluggish analysis for the metaverse token and it seems that the token has been recently outperforming a number of altcoins recently, as TheCoinRise reported in the SAND price analysis for Feb 9, 2022. The token entered the month of February on a bullish note after falling as low as $2.5 in the month of January. 

The market for February 10, 2022, has been bearish as the world’s biggest cryptocurrency, Bitcoin, opened the day on a sluggish note as per our Bitcoin price analysis for Feb 10. On the other hand, the world’s second-biggest cryptocurrency, Ethereum, made a move to reclaim $3.2K once again, as per our Ethereum price analysis for Feb 10, 2022. 

The data from CoinMarketCap shows that the trading volume of the token dropped 25.79% in the last 24 hours, followed by a 0.71% price surge in the market cap. Moreover, at the time of writing, the token is 45.34% low from the all-time high witnessed on Nov 25, 2021, at a price of 8.44 USD.

The daily candle for Feb 10, 2022, opened at a price of $4.71 and reached a daily high of $4.72. However, the token was unable to break above this resistance zone and fell to a daily low of $4.54. 

SAND price analysis on the daily chart

SAND price analysis on the daily chart shows that the RSI line is under the effect of the bulls. Moreover, the gradient of the line is negative, which means that lower prices might follow.

Source: TradingView

The price action aims to break out from the upper end of the Bollinger Bands, and it seems that it failed to do so. As a result, traders can expect lower prices.

Source: TradingView

Conclusion

SAND price analysis on the daily chart can be concluded on a bearish note for Feb 10, 2022. The metaverse has been widely popular in recent days, with The Sandbox partnering with Warner Music Group, or WMG.