SAND unable to hold at $3.5 as bulls lose their grip

SAND price analysis for April 5, 2022, confirms that the token has turned bearish following a surge in trading volume. This can be attributed to a number of factors but the chances of the metaverse token turning bullish seem low for now. It is also important to note that as per our SAND price analysis for April 4, 2022, the chances of the token remaining bullish seem low. We lost the $3.5 price level which is a major support zone for the token. 

The data from CoinMarketCap shows that the trading volume of the token jumped by around 12.45% in the last 24 hours followed by a 1.05% drop in the market cap. Moreover, the Market Dominance of the token rests at 0.19%, while the Volume / Market Cap Ratio has a value of 0.1523.

The daily candle for SAND opened at a price of $3.465 and reached a daily high of $3.4850. Also, the daily low for the token stands at $3.4360, and the price of 1 SAND at the time of writing is $3.4740.

SAND price analysis for April 5 on the daily chart

SAND price analysis on the daily chart for April 5 will take into account the data from the daily chart below which includes 3 indicators.

Source: TradingViewThe MACD indicator shows that the MACD line and the signal line are close to each other as the chances of a bearish divergence are quite high. A bearish drop might be witnessed soon.

The RSI indicator reads a value above 55 which means that the token is bearish for now. Furthermore, it is also important to note that the gradient of the line suggests that lower prices can be seen for SAND.

The price action might drop to the lower end of the Bollinger Bands soon and we can expect SAND to retest lower $3.

Conclusion

SAND price analysis for April 5, 2022, confirms that the metaverse token remains bearish as lower $3 price levels might be retested.