SAND unable to push through $3.5: Back to $3.3 support

SAND price analysis for March 2, 2022, confirms that the token has failed to break above the $3.5 price resistance and, as a result, fell to the nearest support of $3.3. It is also to be noted that The Sandbox price analysis for March 1 showed that the token had turned the $3-$3.3 price region into support, and investors are safe if SAND holds above $3. 

The data from CoinMarketCap shows that the trading volume of the token has surged 23.64% in the last 24 hours, followed by a 3.31% rise 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 0.4005.

The daily candle for the token opened at a price of $3.36 and reached a daily high of $3.4. It is also important to note that the daily low for the token stands at $3.23, and the price of 1 SAND at the time of writing is $3.27. It is a fact that the prices need to stay above the $3 price level to confirm the formation of an uptrend for The Sandbox.

SAND price analysis for March 2 on the daily chart

SAND price analysis on the daily chart for March 2 will be using three major indicators that point out the future price trajectories for the token.

Source: TradingView

The MACD indicator shows that the MACD line is breaking above the signal line, which means that there are possibilities of a bullish divergence. 

The RSI line remains in the bearish region and reads 44. The gradient of the line is slightly negative for today, which means lower prices are possible. 

The price action aims to retest the middle zone of the Bollinger Bands, and if bulls take over, SAND might break into the $4 price level. 

Conclusion

SAND price analysis for March 2 confirms that the token has turned bullish, and the chances of the token breaking above $3.5 are high.