Altcoins

Bulls, bears, and their ongoing brawl over a land full of SAND

It has been three weeks since SAND broke out of its wedge sample with the bears able to take over. The token simply concluded one other bearish week by being oversold, earlier than recovering by roughly 38%.

A recap of SAND’s value motion reveals that it broke beneath assist at $2.69 on 26 April. This was after getting into the slim value vary dictated by assist and resistance in its wedge sample. SAND not too long ago bottomed out at $0.96 on 12 Might. This represents a 58% drawdown ever because it dropped beneath the assist line.

SANDUSDT 2022 05 15 16 51 00

Supply: TradingView

At press time, SAND was buying and selling at $1.34 – At a slight premium on its newest native low. The slight rally on 14 and 15 Might was underpinned by some accumulation, particularly because the alt dove into oversold territory. The identical might be evidenced by the findings of the RSI and MFI.

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SAND’s Directional Motion indicator additionally highlighted the cryptocurrency’s sturdy bearish momentum over the previous couple of days. The -DI crossed beneath the ADX, signifying development weak spot inside the oversold zone.

This consequently meant that the situations have been ripe for the bears to regain management.

Will the bulls retain management or give in to the bears?

The cryptocurrency market remains to be in a state of worry and uncertainty, particularly after latest occasions. It’d clarify why the present bounce-back will not be as sturdy as anticipated, given the magnitude of the most recent draw back. In different phrases, buyers are nonetheless ready to see how the market will behave over the following few days.

So far as on-chain metrics are involved, SAND’s Provide on Exchanges (as a proportion of whole provide) has dropped barely since 13 Might. This statement additionally aligns with an uptick in whale transaction counts (better than $100k value of SAND). The identical was an indication of accumulation when SAND dipped into the oversold zone.

The Sandbox SAND 17.20.50 15 May 2022

Supply: Santiment

Its newest value pump coincided with The Sandbox’s announcement on 13 Might. The mission revealed airdrop plans, in addition to a brand new 2022 roadmap for LAND house owners in The Sandbox Metaverse.

This announcement could have contributed to SAND’s shopping for stress at its latest lows. Nevertheless, it won’t be sufficient to climate any extra downward stress. The latter stays a extremely possible final result if the crypto-market fails to get better from the prevailing FUD.

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