SAND rebounds from $2.9 as $3 support holds: Bears remain in charge

SAND price analysis for March 4, 2022, confirms that the token remains bearish as the chances of metaverse tokens dropping below $3 are very high. It is important to note that the $3 price level is critical price support, as noted by TheCoinRise in the SAND price analysis for March 3. Moreover, the token is 64.04% low than the all-time high of $8.44. 

The data from CoinMarketCap shows that the trading volume of the token has dropped 15.91% in the last 24 hours, followed by a 5.10% 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 0.2536.

The daily candle for the token opened at a price of $3.14 and reached a daily high of $3.15. It is also important to note that the daily low for the token stands at $2.9, and the price of 1 SAND at the time of writing is $3.03. It is imperative for SAND to retain price action above $3, or else we might see the token as low as $2.5.

SAND price analysis for March 4 on the daily chart

SAND price analysis on the daily chart for March 4 will be completed with the help of 3 major indicators in the crypto space.

Source: TradingView

The MACD indicator shows that the MACD line has broken above the signal line, but the prices remain sluggish as a clear picture cannot be drawn.

The RSI shows a reading of 40.15, which further means that bears are in charge. Moreover, the gradient of the line is negative, which means that lower prices are possible in the near future.

The price action is situated in the lower end of the Bollinger Bands, which means that the selling pressure is dominating.

Conclusion

Our SAND price analysis for March 4 concludes on a bearish analysis for investors, and chances of the token breaking below $3 are high.