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.
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.
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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/