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.
Technical indicators:
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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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.
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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/
