Sandbox price (SAND) manages to reverse the lows of the previous two sessions, but with limited gains. The current price action suggests some consolidation before moving in a clear direction. Sandbox price is facing strong resistance near USD 5.0.
Sandbox price makes modest gains on Friday. The price is trading in the bearish channel with a 30% downside risk. SAND drops below the 50-day Simple Moving Average at $4.73.
In a recent development, the Competition and Markets Authority (CMA) announced a deal from Google to address competition concerns over the company’s Privacy Sandbox. Google is looking for a way to replace third-party cookies with Privacy Sandbox.
Furthermore, Gucci, the luxury fashion brand, announced its official entry into the metaverse by purchasing a virtual plot of land on the Sandbox.
SAND price set for a corrective pullback!
On the daily chart, the Sandbox price (SAND) is up more than 40% in the previous five sessions. The price rose from its January low at $2.56. After last month’s carnage, the price reached all-time highs on Feb. 7 after that altcoin consolidated at roughly the same level.
Sandbox Price Forecast
SAND price has been moving in a downward channel with the classic lower high lower low formation since December 26. Bulls have taken control from the low of $2.56, a resurgence of buyers around this level seems reasonable.
The SAND price has moved above the 21-day Simple Moving Average (SMA) but faces a double hurdle at the 50-day SMA and the bearish line. A spike in bearish price movements could trigger another selloff to the channel’s lower trendline.
The direct support is placed at a horizontal support level of $2.50 which also forms the double support formation.
On the other hand, a bullish breakout from the downward channel may prompt investors to hit the $6.0 psychological level.
RSI: The Relative Strength Index (RSI) is trading at 50 just above the moving average.
MACD: The Moving Average Convergence Divergence (MACD) just broke the midline with a bullish crossover.
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This post Sandbox Price Prediction: Planning to Buy SAND Token? Price faces 30% downside risk
was published first on https://coingape.com/markets/sandbox-sand-price-today-face-30-upside-risk/