Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different forms 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/brief ratio may dent bulls’ hope.
Amidst elevated market uncertainty, bears fast-tracked the depreciation of The Sandbox [SAND] on the four-hour timeframe chart. Nevertheless, the bearish efforts had been subdued barely at $0.5042 help forcing SAND right into a consolidation vary.
Learn The Sandbox [SAND] Worth Prediction 2023-24
A chance of reversal might be imminent if the bulls proceed to defend the $0.5042 help. It may enhance 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 value 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 worth motion toiled beneath the descending line (white).
At press time, the $0.5082 help had proved regular. The value motion oscillated within the $0.5082 – $0.5408 vary. A convincing shut above $0.54 and the descending line may set SAND on a restoration path. The continued restoration efforts may face headwinds at $0.57 – $0.60 earlier than a probable reversal.
Nevertheless, ought to sellers proceed to subdue bulls from any restoration, SAND may sink beneath $0.5082 and entice aggressive promoting afterward. The primary key help 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 likelihood.
Improved funding charges
Regardless of the overbearing damaging market sentiment, SAND noticed a surge in funding charges throughout greater than half of its exchanges. The constructive funding fee mirrored the gentle rally seen on the spot market at press time.
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Nevertheless, the previous 4 hours’ SAND lengthy/brief ratio may undermine bulls’ restoration efforts. The ratio was barely skewed towards the sellers, and consumers ought to observe any enchancment on this finish earlier than making strikes.
As well as, buyers ought to observe BTC’s value motion to make extra worthwhile strikes.