Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion
- The development was clearly in favor of the SAND bears.
- A revisit to the decrease timeframe distribution from the previous weekend can supply a shorting alternative.
Since August, The Sandbox has confronted a torrid time on the token’s value charts. Patrons haven’t seen respite from promoting on the bigger timeframe charts. A number of vital help ranges have been damaged.
Learn The Sandbox’s [SAND] Value Prediction 2023-24
Since 14 December, the Tether Dominance metric noticed some positive aspects as crypto market contributors fled to stablecoins within the face of promoting stress. Bitcoin was unable to interrupt out previous its vary, and would doubtless face resistance within the $17.6k-$17.8k space.
A bearish order block on the every day chart was noticed, bears can goal Fibonacci extension ranges
Supply: SAND/USDT on TradingView
The early November crash noticed the $0.715 area retested as resistance. Sellers had been extraordinarily robust in that zone and SAND continued its downtrend on the value charts.
On 5 December, The Sandbox broke out previous a neighborhood resistance at $0.6, and pushed as excessive as $0.64. However as an alternative of flipping the $0.6-$0.62 space to help it collected the liquidity at $0.64 and noticed a fast bearish reversal.
On the every day timeframe, the RSI additionally indicated a robust downtrend in progress. In the course of the transfer to $0.64 and the next rejection, the RSI didn’t breach impartial 50. The OBV additionally retraced the positive aspects it made within the first week of December.
Over the weekend, the token consolidated for a while within the $0.46-$0.48 space. It fashioned a bearish order block on the every day timeframe and highlighted a area the place one other sharp rejection might materialize. Fibonacci extension ranges at $0.45 and $0.33 may function resistance and help ranges respectively within the subsequent few weeks.
Imply coin age suffers a big dent however the funding price climbed in latest hours
Supply: Santiment
The 90-day imply coin age noticed a pointy decline on December 6 to point out the widespread motion of SAND tokens. This marked the native high for the asset at a value of $0.62 when the bears succeeded in reigning in bullish momentum.
Social dominance has been actually low since November however has climbed by a small quantity. Extra importantly, the event exercise reached a three-month excessive in early December regardless of the promoting stress the value noticed.
This will encourage long-term consumers. At press time, the funding price was constructive, however this might be as a result of decrease timeframe bounce from $0.43.