The price of SAND is falling and continues to consolidate within the prevailing technical pattern. SAND can look for a signal to move towards an upward move near the bearish trendline.
Sandbox price is trading on the negative side on Thursday. SAND is respecting the vital support around $2.80 as found in multiple bottoms. Expect more gains if you cut above the bearish trendline daily.
SAND Price Consolidating Near $2.80
Source: Trade View
On the daily chart, SAND price is trading in a long term downtrend and has continued to move sideways lately. Despite the recent consolidation, the token may retest the bearish slopping line, which extends from the December 26 highs at $6.96.
In an effort, the price will tag the immediate upward filter at $3.20.
In addition, the SAND price for the next upside at the 50-day EMA (exponential moving average) is at $3.60. An additional barrier of resistance may arise at the psychological level of $4.0.
Additionally, if the asset manages to make a decisive close above the February 16 highs at $4.45, it could hit its ultimate target of $5.0.
Alternatively, a rise in bearish sentiment could force SAND price to break the critical USD 2.80 support level. In that scenario, the price could reach November lows again at $2.03. An increase in selling pressure could push the price of SAND towards $1.50.
Technical indicators:
RSI: The daily Relative Strength Index has been forming a bullish divergence with the price since Feb. 21. But the price does not benefit from the formation.
MACD: The moving average convergence is trading near the oversold zone with a neutral stance. Any rise in the indicator could push the price up.
At the time of writing, SAND/USD is trading at $2.82, down 4.72% for the day.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
This post SAND price forecast: Face upside risk of 40%, but upside remains limited near $4.0
was published first on https://coingape.com/markets/sand-price-prediction-face-upside-risk-of-40-but-upside-remains-capped-near-4-0/
