SAND loses 8% in 24 hours as weak sentiment prevails
Fed’s coverage assertion on Wednesday will decide worth motion
SAND dangers additional bear stress as worth crashes beneath 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 considerations of additional financial tightening by the Fed in a gathering on Wednesday.
SAND’s latest worth motion has been pegged to the prevailing crypto sentiment. The token recovered from June’s stage beneath $1 on a reduction rally that lasted as much as final week. The token stays amongst these anticipated to rise as Metaverse continues to actualize. Nonetheless, in the meanwhile, SAND is bearish, and traders ought to be cautious forward of the Fed assertion.
SAND token bearish because it eyes $1.0 help
Supply – TradingView
On the day by day chart, SAND is bearish after failing to interrupt above a resistance zone at $1.28. The weak spot displays patrons taking revenue forward of the Fed coverage assembly. Following the latest weak spot, SAND is buying and selling beneath the 14-day and 21-day shifting averages. That means a short-term bearish stress that might push the value down.
One other bear sign for the token is the MACD crossover. Since June 21, the MACD line has remained above the shifting common as the value surged. Nonetheless, the MACD line is now slicing beneath the shifting common. That welcomes a bearish market.
If SAND fails to reignite a comeback, we count on the value to settle at $1.01 help. That may entice patrons 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 rely upon whether or not crypto sentiment will enhance after the FOMC assertion. At the moment, technical indicators help a cheaper price, with the subsequent help at $1.