SAND price analysis: The Sandbox drops 2% while market remains bullish

SAND price analysis for Feb 8, 2022, comes with a bearish prediction for investors as the token falls nearly 2%. As per our SAND price analysis for Feb 4, 2022, the token entered the $4 level and since then has climbed up as high as $4.85. Moreover, the popularity of metaverse might lead SAND’s price movement in the coming days. Recently, the first decentralized wedding took place in the metaverse, as reported by TheCoinRise.

With the surge in popularity of metaverse, there has been recorded activity in metaverse platforms like The Sandbox, which formed a partnership with Warner Music Group, or WMG. However, as per our crypto market performance report for the week ending Feb 6, SAND did start off Feb on a bullish note. 

The data from CoinMarketCap shows that the trading volume has declined 11.43% while the market cap of the token rose 9.57%. The price has dropped more than 2% in the last 24 hours, while the Market Dominance of the token rests at 0.23%. Moreover, the value of the Volume / Market Cap Ratio is 0.227. 

The SAND price analysis for Feb 8 also shows that the token started the day at a price of $4.67 and reached a daily high of $4.7, trying to enter the $5 price level. However, this zone acts as resistance which the token was unable to breakthrough. 

SAND price analysis on the daily chart

SAND price analysis on the chart below shows that the token now aims to break through the upper end of the Bollinger Bands. If successful, we might see The Sandbox push through $5.

Source: TradingView

Moreover, the MACD indicator on the chart below shows that the MACD line (blue) broke above the signal line (orange), which confirms that bulls are in charge.

Source: TradingView

Conclusion

To conclude our SAND price analysis for Feb 8, we can say that the metaverse token will remain popular among investors following the launch of The Sandbox Alpha. Overall, SAND is bullish.