SAND prices fall below $3: Investors should wait before investing

SAND price analysis for Feb 28 shows that the token has failed to retain prices above $3 which means that this is a region of resistance. In order to break above this, the token needs increased bullish volume. Moreover, in our The Sandbox price analysis for Feb 25, we saw the metaverse token break above the $3 price level. 

The data from CoinMarketCap shows that the trading volume of the token has surged 26.53% in the last 24 hours, followed by a 2.18% 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 0.29.

The daily candle for the token opened at a price of $2.9001 and reached a daily high of $2.9596. It is also important to note that the daily low for the token stands at $2.8288, and the price of 1 SAND at the time of writing is $2.9397. It is also important to note that the $3 price needs to turn into a support region in order to confirm an uptrend for The Sandbox.

SAND price analysis for Feb 28 on the daily chart

SAND price analysis on the daily chart for Feb 28 can be confirmed on a bearish note as the token has failed to retain prices above $3.

Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line, which means that the bears are in control. Moreover, the MACD histogram is also bearish.

The RSI indicator reads a value of 36.27 which means that the bears are in control and the gradient of the line is slightly positive for today, which means that prices might rise slightly. 

The price action has fallen to the lower end of the Bands, which means that lower prices are possible. 

Conclusion

The SAND price analysis for Feb 28 can be concluded on a bearish note, and it is critical for SAND to turn $3 into support to form an uptrend.