Despite the recent breakout of the cup and handle pattern in the daily chart, the SAND coin prices fail to overcome the sellers at $4.75. Thus, resulting in a retracement to retest the $4 mark, the neckline of the cup, and handle pattern. However, the increasing trend momentum indicates the possibility of a downfall to the $3.5 mark.
Key technical points:
- The coin price cracks below the 20-day EMA.
- The MACD indicator reflects a bearish crossover in the daily chart.
- The 24-hour trading volume in the SandBox token is $747 Million, indicating a 10% fall.
Past Performance of SAND
SAND coin price trades at $3.98 with a downfall of 6.03% in the last 24 hours, resulting in the fallout of the crucial $4 mark. Moreover, the $4.75 mark rejection resulted in an 18% fall in the past week. Thus, creating multiple bearish engulfing candles indicating an increased trend momentum.
SAND Technical Analysis
The SAND coin price retests the cup and handle pattern breakout with the neckline at the $4 mark. However, the increased trend-momentum of the retracement diminishes the chances of a post-retest reversal and warns of a fallout. The SandBox coin prices trade below the crucial 50 and 100-day EMAs as they maintain a bullish alignment in the daily chart. Moreover, the 200-day average stands strong, slightly above the $3 mark. The MACD Indicator shows a bearish crossover of the MACD and signal lines in the SAND/USD daily chart, as the bullish histograms showcase a falling distribution. Hence, the indicator marks the possibility of a downfall below the $4 mark. The RSI indicator indicates a rise in bearish trend momentum, as the slope breaks below the 14-day mean and the halfway mark. Moreover, the slope creeps into the zone of nearly oversold, reflecting an increase in the number of sellers. In conclusion, the technical indicators suggest the SAND price action giving a bearish continuation below the $4 mark.
The SAND coin price may shortly close below the $4 mark as the sellers gain momentum. Moreover, the failure to retest the cup and handle breakout indicates the possibility of a downfall to the $3 mark. Hence, traders can find an excellent selling opportunity by the end of the day. Support Levels:$3.5 and $3 Resistance Levels: $4.40 and $4.75