The Sandbox (SAND) Price Prediction – When will SAND hit $10?
The Sandbox is a play-to-earn game that utilizes blockchain technology and NFTs in its metaverse. This blockchain is hosted on the Ethereum network, where its native token, SAND, is an ERC-20 token. The creation of the Sandbox was inspired by games like Roblox and Minecraft, where players have to create their worlds. Implementing NFTs and blockchain would make the asset transfer from one player to another player.
The Sandbox token grabbed massive investors' attention in February 2021 after its partnership with CoinMarketCap before launching the NFTs collection. In recent months, the Sand price was corrected from 2.00 to 3.00 level, but the current bearish pressure in May 2022 came with an impulsive momentum.
Currently, there are 165 Sandbox partners globally, including the popular US rapper Snoop Dogg and the famous TV series the Walking Dead. However, the recent price failed to show a buyer's presence where investors should monitor the price to find the potential reversal point.
Let’s see The Sandbox Price Prediction from the SAND price analysis:
SANDUSD Bearish Pressure Awaits A Symmetrical Triangle Breakout
The massive selling pressure in the broader crypto market made a rapid fall in crypto gaming tokens, and there is no exception for the Sandbox. The price lost 66% of its value from the 31 March 2022 swing high before going sideways below the 1.5270 static level. The current price is also trading within a symmetrical triangle where the dynamic 20 EMA acts as immediate resistance.
The above technical analysis shows the SANDUSD daily price where the current RSI level failed to reach the neutral 50 level and rebounded lower. Moreover, the price faced multiple rejections from the dynamic 20 EMA, where any bearish daily candle below the triangle support would be a selling opportunity.
In the SAND Forecast, we can say that the upcoming price action may remain bearish if a daily candle appears below the triangle support. As the broader market context is still bearish, the selling pressure may extend the momentum by testing the 0.7300 level. On the other hand, the alternative approach is to wait for a strong recovery above the 1.5270 level, which will be the first violation of swing highs in the last two months.
SANDUSD Ichimoku Cloud Analysis
According to the Ichimoku Cloud SAND Coin Price Prediction, SANDUSDT has been trading sideways for a considerable time. However, the extreme correction is backed by the strong bearish trend where any selling pressure has a higher possibility of providing profits. In the Ichimoku Future Cloud, the Senkou Span A is below the Senkou Span B while the gap between these lines is not wide. Moreover, the Lagging Span is below the price while the current price trades below the Kumo Cloud.
This technical analysis shows a strong seller dominance in the price from the Traders Dynamic Index (TDI) indicator. TDI is a custom trading indicator that shows market dominance by utilizing volume and pressure. As the current TDI line is below the neutral 50 lines, we can say that sellers are dominating the market compared to buyers’. On the other hand, the dynamic Tenkan Sen and Kijun Sen are above the price where the Tenkan Sen is working as the closest dynamic resistance.
According to the SAND price prediction, a bearish H4 close below the 1.2200 static support level would increase the bearish pressure towards the 1.00 area. On the other hand, a buying momentum needs to recover the price above the Kumo Cloud with a strong bullish momentum before reaching the 2.200 area.
SANDUSD Intraday Price Action Analysis
In The Sandbox price prediction, the volume analysis shows a selling pressure as the current price trade below the 1.3132 visible range high volume level. Moreover, intraday high volume levels remained above the price with multiple lower lows. As long as the price remains below 1.2132, any bearish opportunity would work well.
This technical analysis shows a negative Histogram in the MACD. However, the EMA lines are in the negative territory. On the other hand, the dynamic 20 EMA and weekly VWAP are above the price, working as minor dynamic resistances.
Therefore, SANDUSD selling pressure is more likely to work out as dynamic levels are moving down, with a lower low formation in the H4 chart. In that case, any bearish H4 close below the 1.2200 static support level would lower the price toward the 0.9640 support level.
Is The Sandbox (SAND) A Sell?
According to the Sandbox (SAND) Price Prediction, SANDUSD trades within a strong selling pressure where the intraday price should be monitored to find a reliable place to join the rally. On the other hand, bulls should wait for the price to remain steady above the 1.5270 daily resistance level before considering it as a trend change.
Leave a Comment