SAND rebounds from $3.05 as indicators gradually turn bullish

SAND price analysis for March 22, 2022, confirms that the chances of the metaverse token breaking the nearest resistance of $3.25 seem to be quite low. However, as noted in our SAND price analysis for March 21, 2022, the $3 price level remains a strong support for the entire price action. Moreover, it is also important to note that the token is currently ranked as the 38th biggest cryptocurrency in the market. 

The data from CoinMarketCap shows that the trading volume of the token surged by around 13.43% in the last 24 hours followed by a 4.72% 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 0.1717.

The daily candle for SAND opened at a price of $3.07 and reached a daily high of $3.18. Also, the daily low for the token stands at $3.05, and the price of 1 SAND at the time of writing is $3.16.

SAND price analysis for March 22 on the daily chart

SAND price analysis on the daily chart for March 22 confirms that the chances of the metaverse token turning bullish seem to be quite low as a major resistance to prices stands at $3.25.

Source: TradingView

The RSI indicator shows that the bulls are gradually returning as the gradient of the line is slightly positive. Moreover, the value of the RSI line is 51 which means that higher prices can be seen.

The MACD indicator shows that the MACD line remains above the signal line which means that the bulls are in control and the MACD histogram backs this claim. 

The buying pressure seems quite high as the token is situated in the upper end of the Bollinger Bands which means that the demand for SAND is high. 

Conclusion

SAND price analysis for March 22 ends on a bullish note for the token however, volume seem quite low to break the $3.25 resistance.