SAND turns bullish with a 17% price surge: Back above $3

SAND price analysis for March 17, 2022, comes on an extremely bullish note for today as the metaverse token has surged more than 17% in the last 24 hours and breached the long-time resistance of $3. Moreover, as noted in our SAND price analysis for March 16, the token has been making bullish candles on the daily chart. It can be expected that the next major movement for the token will be to reclaim the $3.5 price level which was last witnessed in February 2022. 

The data from CoinMarketCap shows that the trading volume of the token surged by a whopping 346.45% in the last 24 hours followed by a 17.51% surge in the market cap. Moreover, the Market Dominance of the token rose to 0.20%, while the Volume / Market Cap Ratio has a value of 0.5237.

The daily candle for SAND opened at a price of $3.25 and reached a daily high of $3.36. Also, the daily low for the token stands at $3.17, and the price of 1 SAND at the time of writing is $3.19.

SAND price analysis for March 17 on the daily chart

SAND price analysis on the daily chart for March 17 will take into account 3 major indicators in the technical analysis space.

Source: TradingView

The MACD indicators show that the MACD line has broken above the signal line which means that chances of higher prices are quite high due to a bullish divergence taking place. 

The RSI indicator reads a value of 51.84 which means that the bulls are back in control and this means that investors can expect the token to continue on a bullish path.

The price action for SAND is situated in the upper end of the Bollinger Bands which proves that the bulls might aim for a bullish breakout in the near future. 

Conclusion

SAND price analysis for March 17, 2022, confirms that the metaverse token might aim to break $3.5 and the chances of success seem to be quite high.