SAND retains prices above $3.18 support: Keep HODLing

SAND price analysis for March 23, 2022, confirms that the metaverse token remains strong at the $3.18 price level which is a minor support, despite a selling pressure being prevalent. On the other hand, it is also important to note that the metaverse token has a strong resistance at $3.25, as noted in our SAND price analysis for March 22, 2022. The token has been maintaining another strong support at the $3 price level.

The data from CoinMarketCap shows that the trading volume of the token surged by around 0.58% in the last 24 hours followed by a 0.05% surge in the market cap. Moreover, the Market Dominance of the token continues at 0.19%, while the Volume / Market Cap Ratio has a value of 0.1792.

The daily candle for SAND opened at a price of $3.118 and reached a daily high of $3.227. Also, the daily low for the token stands at $3.06, and the price of 1 SAND at the time of writing is $3.17.

SAND price analysis for March 23 on the daily chart

SAND price analysis on the daily chart for March 23 will use 3 of the biggest indicators in the crypto space on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line remains above the signal line which means that the situation remains bullish. Furthermore, the MACD histogram remains bullish with green bars. 

The RSI indicator shows a value of 51.67 which means that the chances of SAND turning bullish are still high as buying pressure surges. The gradient of the line is slightly high which means that $3.18 might retain.

The price action is situated in the upper end of the Bollinger Bands which means that prices might break out of the upper end if SAND breaks $3.25. 

Conclusion

SAND price analysis for March 23, 2022, confirms that the metaverse token might hold prices above the $3.18 price level but for breaking the strong resistance at $3.25, the token needs strong bullish trading volume.