SAND loses 8% in 24 hours as weak sentiment prevails
Fed’s coverage assertion on Wednesday will decide worth motion
SAND dangers additional bear strain as worth crashes under shifting averages
Sandbox token SAND/USD is again within the consolidation market. The token misplaced practically 8% within the final 24 hours. The losses come amid issues of additional financial tightening by the Fed in a gathering on Wednesday.
SAND’s current worth motion has been pegged to the prevailing crypto sentiment. The token recovered from June’s stage under $1 on a aid rally that lasted up to final week. The token stays amongst these anticipated to rise as Metaverse continues to actualize. However, in the intervening time, SAND is bearish, and buyers must be cautious forward of the Fed assertion.
SAND token bearish because it eyes $1.0 help
Source – TradingView
On the every day chart, SAND is bearish after failing to break above a resistance zone at $1.28. The weak spot displays consumers taking revenue forward of the Fed coverage assembly. Following the current weak spot, SAND is buying and selling under the 14-day and 21-day shifting averages. That suggests a short-term bearish strain that would push the worth down.
Another bear sign for the token is the MACD crossover. Since June 21, the MACD line has remained above the shifting common as the worth surged. However, the MACD line is now reducing under the shifting common. That welcomes a bearish market.
If SAND fails to reignite a comeback, we count on the worth to settle at $1.01 help. That will entice consumers if sentiment improves in crypto markets.
Sandbox token SAND will stay bearish till the token finds help at $1. The restoration of the token will depend upon whether or not crypto sentiment will enhance after the FOMC assertion. Currently, technical indicators help a lower cost, with the subsequent help at $1.