SAND pulls back to $3.2 price levels as bears gain strength

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SAND price analysis for April 6, 2022, begins on a bearish note for the token as bears seem to be in control of the price action, pulling the price action down to the $3.2 price zone. It is also important to note that as per our SAND price analysis for April 5, 2022, the token hasn’t been performing quite well as the metaverse frenzy seems to have subsided down in recent days. 

The data from CoinMarketCap shows that the trading volume of the token jumped by around 4.68% in the last 24 hours followed by a 5.50% drop in the market cap. Moreover, the Market Dominance of the token dropped to 0.18%, while the Volume / Market Cap Ratio has a value of 0.1676.

The daily candle for SAND opened at a price of $3.3346 and reached a daily high of $3.3357. Also, the daily low for the token stands at $3.0686, and the price of 1 SAND at the time of writing is $3.2294.

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SAND price analysis for April 6 on the daily chart

SAND price analysis on the daily chart for April 6 will consider the data from the chart below which has 3 major indicators on the daily chart integrated into it.

Source: TradingView

The MACD indicator shows that the MACD line has broken below the signal line which means that traders have witnessed a bearish divergence. The MACD histogram has also turned bearish.

The RSI indicator reads a value below 47 which confirms that the bears are dominating and the gradient of the line suggests that lower prices are possible for SAND in the coming days.

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The price action for SAND broke down to the lower end of the Bollinger Bands which means that the demand for the token has decreased.

Conclusion

SAND price analysis for April 6, 2022, ends on a bearish note and in the coming days, if bulls continue to struggle, we can see SAND below $3.

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