SAND reclaims $3.1 as the token retains position among top 140 tokens

SAND price analysis for April 7, 2022, comes on a bearish note for the metaverse token, which has been struggling at the $3 price level. The token failed to consolidate above the $3.5 price region despite a surge in buying pressure from the bulls. Hence, we saw the metaverse token once again take a dip below the $3 price level in our SAND price analysis for April 6, 2022. Furthermore, we can also confirm that the token has been holding above $3 for now as $2.9 acted as strong support once again.

The data from CoinMarketCap shows that the trading volume of the token dropped by around 43.10% in the last 24 hours, followed by a 1.41% surge in the market cap. Moreover, the Market Dominance of the token rests at 0.18%, while the Volume / Market Cap Ratio has a value of 0.09817.

The daily candle for SAND opened at a price of $3.07 and reached a daily high of $3.11. Also, the daily low for the token stands at $3.06, and the price of 1 SAND at the time of writing is $3.09.

SAND price analysis for April 8 on the daily chart

SAND price analysis on the daily chart for April 8 will consider the data from the chart below, which has integrated a few of the biggest tokens on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other, as we witnessed a bearish divergence just a few days ago. 

The RSI indicator reads a value above 43, which confirms that the token might be seeing lower prices in the coming days. The gradient of the line suggests that we might SAND retest $3. 

The price action attempted to break out of the lower end of the Bollinger Bands, but as $3 held as support, the bearish outburst was prevented/

Conclusion

SAND price analysis for April 8, 2022, confirms that the chances of the token losing $3 are quite high.