SAND struggles to consolidate above the $3 price region: What’s next?

SAND price analysis for April 7, 2022, comes on a bearish note for the metaverse token as the chances of losing the $3 price region seem quite high. It is also important to note that the metaverse token has been bearish for quite some time as the nearest resistance for the token stands at a price of $3.5 while the nearest support for the token stands at the $2.9 price region, which the token touched and rebounded from. SAND price analysis for April 6 noted that the token lost $3.2 support as well. 

The data from CoinMarketCap shows that the trading volume of the token jumped by around 4.68% in the last 24 hours, followed by a 5.50% drop in the market cap. Moreover, the Market Dominance of the token dropped to 0.18%, while the Volume / Market Cap Ratio has a value of 0.1676.

The daily candle for SAND opened at a price of $2.95 and reached a daily high of $3.035. Also, the daily low for the token stands at $2.89, and the price of 1 SAND at the time of writing is $3.02.

SAND price analysis for April 7 on the daily chart

SAND price analysis on the daily chart for April 7 will consider the data from the chart below, which includes three major indicators on the chart below:

Source: TradingView

The RSI indicator reads a value above the 41 price region which means that the bulls are currently being dominated by the bears on the daily chart.

The MACD indicator shows that the MACD line and the signal line are very close to each other as the chances of a bearish divergence seem quite high. 

The price action for SAND now aims to break out from the lower end of the Bollinger Bands in the near future as well. 

Conclusion

SAND price analysis for April 7, 2022, ends on a bearish note for the token as the chances of losing the $3 price region seem high for the token.