SAND Technical Analysis: Will SAND Prices Overtake The 100-Day SMA?

The SAND price shows a bear cycle gaining momentum due to increased pressure of the 100-day SMA teasing a downfall to the $1 mark. Key Technical Points: The SAND prices are down by 3.39% in the last 24 hours. The price action shows a support trendline struggling to keep the uptrend in motion. The 24-hour trading volume of Sandbox is $364 million, indicating a hike of 4.55%. Past Performance of SAND As warned in our previous analysis, the SAND prices fail to exceed the overhead resistance of $1.45, leading to a bearish retracement to the 50-day SMA. Currently, the price movement is within the consolidation range but faces opposition from the 100 SMA, resulting in multiple higher price rejection candles. Moreover, the bear cycle within the range approaches the 50-day SMA while the price action inchoates a double top pattern. Source – Tradingview SAND Technical Analysis The SAND price action shows a bearish candle approaching the 50 SMA after reversing from the 100 SMA. The increase in selling momentum projects a high likelihood of a bearish breakout of the consolidation between the SMAs. Despite the consolidation, the bullish influence grows over the 50 SMA, resulting in a positive reversal. Hence the likelihood of a bullish crossover with the 100 SMA breakout increases significantly. The RSI slope shows a declining trend in the nearly overbought zone, reflecting a bearish divergence from the price trend. Moreover, the 14-day av...