As the overall market slides down the bearish slope, the metaverse and gaming tokens are facing the heat. Amidst the increasing supply, the SAND price trend tests a crucial support element as it crashes under the 200-day EMA.
With a bearish pattern in play, the metaverse/gaming tokens display week price action and warn of losing the gains of last December. As the buyers grow desperate, Sandbox approaches a pivotal point with high reversal chances. Will this reversal spot bounce the altcoin higher, or is a bearish breakdown imminent?
Beyond this short-term struggle, find out what the possible long-term trend for Sandbox could be in our SAND price prediction. Will the SAND price reach $10 in 2024?
Source – TradingView
With the lower high formations in the SAND price trend, the altcoin faces a strong supply force, leading to the breakdown of multiple levels. During this crash, Sandbox forms a falling wedge pattern in the daily chart and tests the bottom support trendline.
With a 30% drop in the last 30 days, the altcoin has lost crucial levels like the 50-day and 200-day EMA and the $0.50 mark. Moreover, the Sandbox price has broken below the 50% Fibonacci retracement.
Currently, the SAND price trades at $0.443, with an intraday growth of 0.40% following the late-night crash of 2.44%. With the minimal growth, the reversal chances for the altcoin are rising back, teasing a positive cycle within the falling wedge.
Generally, the falling wedge pattern shows a bullish break for an upside rally, which projects a potential prolonging of the prevailing uptrend.
Technical Indicators:
RSI Indicator: The daily RSI line at 37.51% approaches the oversold zone and reflects a selling spree in motion.
Is The SAND Price Crashing to $0.35?
With the SAND price losing critical levels and the bearish momentum on the go, the market reversal threat warns of a gloomy future. However, the price is still within the said pattern, and this projects a likely bullish reversal as the buyers might find a bouncepad.
However, the break below the support trendline, the downtrend can result in a downfall to $0.35.
On the upside, a bullish reversal can rechallenge the overhead resistance trendline and reach the $0.50 mark.
