Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion
- Sellers accelerated SAND’s depreciation up to now few days.
- The gaming token noticed improved funding charges, however the lengthy/quick ratio might dent bulls’ hope.
Amidst elevated market uncertainty, bears fast-tracked the depreciation of The Sandbox [SAND] on the four-hour timeframe chart. Nonetheless, the bearish efforts have been subdued barely at $0.5042 assist forcing SAND right into a consolidation vary.
Learn The Sandbox [SAND] Value Prediction 2023-24
A risk of reversal could possibly be imminent if the bulls proceed to defend the $0.5042 assist. It might increase their efforts to breach the descending line and the 20-period EMA. On the time of writing, SAND was buying and selling at $0.5266.
Can the consolidation persist?
SAND managed to inflict a rally in mid-February, however the worth rejection at $0.8917 invited bears into the market. The bearish 20 EMA crossover with 50/100 EMA on February 25 induced additional intense promoting sinking the gaming coin beneath $0.6012 as the value motion toiled beneath the descending line (white).
At press time, the $0.5082 assist had proved regular. The worth motion oscillated within the $0.5082 – $0.5408 vary. A convincing shut above $0.54 and the descending line might set SAND on a restoration path. The continued restoration efforts might face headwinds at $0.57 – $0.60 earlier than a possible reversal.
Nonetheless, ought to sellers proceed to subdue bulls from any restoration, SAND might sink beneath $0.5082 and appeal to aggressive promoting afterward. The primary key assist space in an prolonged drop is the $0.488 – $0.453 vary.
The Relative Energy Index (RSI) recovered from the oversold territory, highlighting easing promoting stress. Equally, the OBV exhibited an uptick, highlighting bulls’ hope for a reversal probability.
Improved funding charges
Regardless of the overbearing unfavorable market sentiment, SAND noticed a surge in funding charges throughout greater than half of its exchanges. The constructive funding charge mirrored the delicate rally seen on the spot market at press time.
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Nonetheless, the previous 4 hours’ SAND lengthy/quick ratio might undermine bulls’ restoration efforts. The ratio was barely skewed towards the sellers, and consumers ought to monitor any enchancment on this finish earlier than making strikes.
As well as, traders ought to monitor BTC’s worth motion to make extra worthwhile strikes.