SNEAK PEEK
- Investor optimism prevails despite SAND’s temporary dip after token unlock.
- Bearish pressure grips SAND price, yet potential trend reversal looms.
- Market challenges spur increased trading volume as bears control SAND.
The high percentage of addresses holding SAND being “Out of the Money” shows that many investors may be experiencing losses at the current price. However, unlocking 332 million SAND tokens today could create selling pressure and temporarily dip the price.
Nonetheless, considering the upside potential after the effects of the unlock, investors remain optimistic about SAND’s future performance.
#Sandbox | Talk about max pain! Data from @intotheblock reveals 95.47% of all addresses holding $SAND are currently “Out of the Money.”
With today’s 332 million #SAND unlock, we may see a dip. Still, I believe in its upside potential after the effects of the unlock. https://t.co/vtKA2fQMlq pic.twitter.com/hJc4o3im2k
— Ali (@ali_charts) August 13, 2023
Consequently, over the past 24 hours, bears controlled the Sandbox market (SAND), pushing the price from $0.4014 to a low of $0.3912. SAND’s price has dropped by 1.67% during this writing to $0.3947 due to sustained bearish pressure.
Amid the downturn, market capitalization fell by 1.62% to $811,921,836, while 24-hour trading volume surged 62.64% to $87,321,155. The recession reduced investor confidence, causing a decline in market capitalization. Simultaneously, the increased trading volume suggests investors capitalizing on lower stock prices during the downturn.
On the price chart for SAND, the Aroon up rating of 35.71% and the Aroon down rating of 85.71% indicates a significant downward trend. The high Aroon down rating suggests that SAND has repeatedly made lower lows and may continue to decline.
If the Aroon down rating continues to rise, it may suggest that the downward trend in SAND prices will persist. Nonetheless, if the Aroon up rating begins to rise and surpass the Aroon down rating, this may signal a potential reversal in the negative trend.
The Keltner Channel bands are moving south, with the upper band at 0.40670751 and the lower band at 0.39757559, indicating that the SAND’s bearish momentum is robust and likely to persist for the foreseeable future. This move reflects traders’ expectation that the price of SAND will continue to decline swiftly, but short-term traders may have an excellent opportunity to profit.
The SAND’s RSI value of 36.54 and recent decline below its signal line indicate that it is currently trading in an unfavorable market, making it a potential buy for investors seeking to profit from current market conditions. This decline indicates that selling pressure is more significant than buying demand, suggesting that the value of SAND will continue to fall.
On the 4-hour price chart for SAND, the Balance of Power (BOP) indicator points south and has a value of 0.10, indicating increased selling pressure and possibly the start of a bearish trend. Even though the price of SAND has decreased, a substantial price increase may be imminent.
In conclusion, navigating SAND’s challenges, investor optimism endures amid bearish pressure and potential trend shifts, hinting at a dynamic market ahead.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.
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- Source: https://investorbites.com/the-sandbox-sand-price-analysis-14-08/
