The Sandbox token price analysis for today shows SAND is trading in a bearish triangle pattern; this suggests further losses in the near future if bulls fail to defend the $0.60 level. The overall market sentiment has been bearish, with investors fleeing most altcoins over the past 24 hours.
Short-term technical analysis of SAND reveals further losses are likely if prices fail to hold above $0.60 and break below the triangle formation. If this occurs, SAND could test lows of $0.58 and potentially slip below $0.50 in the days ahead.
SAND/USD price chart (Source: TradingView)
On the upside, bulls need to defend the $0.60 support level and push prices back above $0.63 for a chance at recovery over the coming weeks. Further gains are likely if SAND manages to break above the triangle formation and climb back above $0.70 in the days ahead.
Looking at the Fib retracement tool, SAND needs to break above the 50% mark at $0.70 for a chance at further gains in the near future. The key support that needs to be defended is the $0.60 level, with any break below this setting up further losses in the near future.
SAND/USD 4-hour chart: (Source: TradingView)
The technical indicators on the daily timeframe are displaying bearish signals, with the MACD trending lower and the RSI slipping below 50. This suggests SAND is likely to remain volatile over the coming week and could slip further if bulls fail to defend the $0.60 level.
On the 4-hour chart, a bearish continuation pattern is forming, with the 50-MA trending lower and the MACD confirming further losses. This suggests SAND could slip further in the days ahead if bulls fail to push prices back above $0.63.
Overall, SAND continues to trade at lows of $0.6084 following bearish sentiment across the entire crypto market. The immediate key support of $0.60 remains crucial for the SAND token, with a failure to hold this level likely to see further price declines. Bulls need to defend this level and push prices back above $0.63 for a chance at recovery over the coming weeks.
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Source: Cryptocurrency - investing.com
