SAND remains below $3 resistance: Volume not high enough to break $3

The SAND price analysis for March 9, 2022, comes riding on a sluggish cycle for the token as it hasn’t seen much growth in the last 24 hours. It seems that the metaverse craze has started to die as the token remains sluggish and below the $3 price level which is 65.00% low than the all-time high witnessed on Nov 25, 2021, at a price of $8.44. Moreover, the token has continuously failed to break above $3 as noted in our SAND price analysis for March 8, 2022.

The data from CoinMarketCap shows that the trading volume of the token has dropped by 10.78% and it seems that other projects have caught the attention of investors. There was a 3.66% surge in the market cap as well. Moreover, the Market Dominance of the token surged to 0.18%, while the Volume / Market Cap Ratio has a value of 0.169.

The daily candle for the token opened at a price of $2.82 and reached a daily high of $2.97. Moreover, the daily low for the token stands at $2.81, and the price of 1 SAND at the time of writing is $2.95.

SAND price analysis for March 9 on the daily chart

SAND price analysis on the daily chart for March 9 uses the 3 most important indicators which will give clear indications for future prices.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other which means that the prices might break out either way. 

The RSI indicator shows a value of 41.83 which means that the bears are still in control and the gradient of the line is slightly positive for today which means that chances of higher prices are high. 

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

Conclusion

The SAND price analysis for March 9, 2022, can be concluded on a bearish note for the token as it has continuously failed to break above $3.