SAND unable to maintain prices above $2.8: Investors need to HODL

SAND price analysis for March 11, 2022, comes on a bearish note for investors as the metaverse token has dropped nearly 2% in the last 24 hours and is over 67.01% low from its all-time high witnessed on Nov 25, 2021. Moreover, it is also important to note that the $3 price level remains a major resistance for the token which the token lost in the first week of March. The entire crypto space seems to have been in the grasp of bears. 

The data from CoinMarketCap shows that the trading volume of the token dropped by 16.84% in the last 24 hours followed by a 2.43% drop in the market cap. Moreover, the Market Dominance of the token rests at 0.18%, while the Volume / Market Cap Ratio has a value of 0.153.

The daily candle for SAND opened at a price of $2.82 and reached a daily high of $2.83. Also, the daily low for the token stands at $2.75, and the price of 1 SAND at the time of writing is $2.77.

SAND price analysis for March 11 on the daily chart

SAND price analysis on the daily chart for March 11 will be using the 3 most important indicators on the daily chart to predict the future price action of the token.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line remain very close to each other as volatility in the market is very low. 

The RSI line has a value of 39.92 which confirms that the bears are in charge and since the gradient of the RSI line for SAND is negative, lower prices are possible. 

The price action is situated in the lower end of the Bollinger Bands and if the prices lose $2.5, we might see SAND break out from the lower end of the Bands. 

Conclusion

SAND price analysis for March 11, 2022, confirms that the metaverse token might fall below $2.5 as per the indicators.