{"id":218161,"date":"2022-02-19T04:00:17","date_gmt":"2022-02-18T22:30:17","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=218161"},"modified":"2022-02-18T22:59:37","modified_gmt":"2022-02-18T17:29:37","slug":"should-sand-holders-practice-caution-as-rough-days-lie-ahead","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/should-sand-holders-practice-caution-as-rough-days-lie-ahead\/","title":{"rendered":"Should SAND holders practice caution as rough days lie ahead"},"content":{"rendered":"

Bitcoin<\/a> was unable to breach the $45,500 local highs and had also fallen below the $44,400 and $42,000 support levels, all within the past week. This implied that SAND had been recovering well from the sell-off in January.<\/p>\n

Early February was bullish for the coin as it climbed past the $4.44 resistance level- but it was rejected at $4.82. Does this mean that SAND will revisit the $2.5 lows again in the coming weeks? In other news, designer brand Gucci<\/a> acquired an ‘undisclosed amount’ of land on The Sandbox, in order to expand its presence in the Metaverse for its Gen-Z-focused platform Gucci Vault.<\/p>\n

SAND- 12H<\/h4>\n
\"The<\/a>
Source: SAND\/USDT on TradingView<\/figcaption><\/figure>\n

Based on SAND’s move from ATH $8.48 to $2.55 late in 2021, a set of Fibonacci retracement levels (yellow) were plotted. The 38.2% retracement for this move stood at $4.82. Generally, the price tends to bounce as high as the 50% and 61.8% levels during a retracement, before its next move in the prevailing trend’s direction.<\/p>\n

However, the $4.8 level had been a strong support level in early December, and its retest as resistance in the past couple of weeks did not bode well for SAND bulls in the weeks to come.<\/p>\n

The price descended below the $3.95 level as well, and the next support levels lay at $3.29 and $2.55, with $3.55 also a possible place for a bounce to be seen. Since the price was unable to hold on to $4, it appeared possible that its next leg southward was in motion.<\/p>\n

Rationale<\/h4>\n
\"The<\/a>
Source: SAND\/USDT on TradingView<\/figcaption><\/figure>\n

The 12-hour RSI fell below the 40 value – in the past, this has generally seen SAND shed value quickly in a matter of days. However, this was something that could repeat once more. The Awesome Oscillator also fell below the zero line, to highlight mounting bearish pressure.<\/p>\n

Moreover, the Directional Movement Index showed a strong bearish trend in progress as both the ADX (yellow) and the -DI (red) were above the 20 mark.<\/p>\n

Furthermore, the Bollinger bands showed that the price was near the band’s lows, while the 20 SMA (orange) on the price chart had also served as resistance recently, at the $4.44 mark.<\/p>\n

Conclusion<\/h4>\n

Bitcoin could be headed toward the $38,000-$39,000 area before a possible bounce. In the meantime, selling pressure grew strong behind SAND, as the momentum indicators painted a bearish picture. In the next few weeks, a move toward $2.5 could materialize. And, the $2.2-$2.5 area, if visited, could actually turn out to be a bargain price for SAND in the months to come.<\/p>\n

Disclaimer:\u00a0The findings of this analysis are the sole opinions of the writer and should not be considered investment advice.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin was unable to breach the $45,500 local highs and had also fallen below the $44,400 and $42,000 support levels, all within the past week. This implied that SAND had been recovering well from the sell-off in January. Early February was bullish for the coin as it climbed past the $4.44 resistance level- but itContinue reading “Should SAND holders practice caution as rough days lie ahead”<\/span><\/a><\/p>\n","protected":false},"author":57,"featured_media":218166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,4,20],"tags":[],"class_list":["post-218161","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nShould SAND holders practice caution as rough days lie ahead - AMBCrypto<\/title>\n<meta name=\"description\" content=\"SAND, the native token of The Sandbox, has been on a downtrend for a couple of months now, and this move below $4 could see further losses.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/should-sand-holders-practice-caution-as-rough-days-lie-ahead\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Should SAND holders practice caution as rough days lie ahead - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Bitcoin was unable to breach the $45,500 local highs and had also fallen below the $44,400 and $42,000 support levels, all within the past week. 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