SAND struggles to maintain $3 but for how long?

The Sandbox token has been trying to fight off the bearish pressure and maintain prices above the $3 price level. The metaverse token went as high as $3.3 this week but faced resistance at the $3.5 price level. Moreover, we noted that after following a sluggish path for a number of days, the SAND token was able to turn bullish and rose 17%, finally breaking above the $3 price level. This movement was noted by TheCoinRise in our SAND analysis for March 17.

The data from CoinMarketCap shows that the trading volume of the token dropped by around 30.24% in the last 24 hours followed by a 3.73% drop in the market cap. Moreover, the Market Dominance of the token dropped to 0.19%, while the Volume / Market Cap Ratio has a value of 0.1556.

The daily candle for SAND opened at a price of $3.08 and reached a daily high of $3.106. Also, the daily low for the token stands at $2.99, and the price of 1 SAND at the time of writing is $3.0711.

SAND price analysis for March 21 on the daily chart

SAND price analysis on the daily chart for March 21 will be implemented using 3 indicators on the daily chart, as seen in the image below.

Source: TradingView

The RSI indicator shows a value of 48.12 which means that the selling pressure is defeating the buyers. Moreover, the gradient of the line suggests that lower prices are possible. 

The MACD line and the signal line are very close to each other but the former is progressing above the latter which means that the buying pressure is still high.

The price action for SAND is situated in the upper end of the Bollinger Bands which means that a retest of the middle zone is possible. If the retest is successful, we might see bulls back in action.

Conclusion

SAND price analysis for March 21 ends on a slightly bearish note for the token as the $3 price level holds strong as support.