The Sandbox (SAND): New Bearish Leg for Metaverse Crypto?

In this Monday’s TA news, we will focus on one of them cryptommonno of the metaverse, the SAND of the Sandbox. A sector that has been struggling for months, it is nevertheless interesting to look at certain assets specific to this ecosystem. Therefore, we will analyze the key levels of the asset to understand the developments that have taken place in recent weeks, while identifying the bias that should be for the end of the year 2022 as well as the first weeks of 2023. on the charts of to study actively.

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SAND just broke a key level on the downside

Price of SAND against dollar weekly (1W)

Let’s look first the weekly scale of the asset to take a step back from the developments that have taken place on prices in recent weeks. We can see the dynamics of SAND on the pivot zone. After managing to maintain this zone for several months, the bearish breakout caused the asset to head towards $0.54 which also gave way, opening the way for $0.32.

Furthermore, since April 2022, the asset has never failed to retrace the EMA13, which is a testament to downtrend power. Currently, the asset is trading in an area where there have been small price fluctuations, which can make it difficult to analyze and find key levels.

From a weekly analysis perspective, for SAND to try to turn to the upside, it has to come from the top that occurred in early December while trying to recover first the EMA13 and then in a second time, the weekly pivot zone.

Should other key levels be monitored?

SAND price vs. dollar on a daily scale (1D)
SAND price vs. dollar on a daily scale (1D)

Now we can look at the daily scale to determine additional levels course of SAND may have the opportunity to respond. You saw it atweekly scale, the bias to have on the asset is bearish. If over the next few weeks the market opts for a continuation of the current momentum, in addition to a return to $0.32we can establish two more intermediate levels.

These levels have been identified with previous price movements from the first half of 2021. These two levels are:

Although a price reaction is not mandatory, buyers can react and allow the price to bounce back to these price ranges. In addition to these intermediate levels, we must also note the presence of the MA100 at the confluence of the pivot zone and the passage of the EMA13 below $0.54, which could put the hypothesis of a recovery from this level in difficulty. weeks as this is the first step to set up a bullish reversal.

SAND is underperforming the king of cryptocurrencies

Price of SAND against Bitcoin on a weekly scale (1W)
Price of SAND against Bitcoin on a weekly scale (1W)

To complete this analysis, we can look at the SAND/BTC pair to analyze the two-force relationship between the two assets and determine whether SAND is performing better or worse. The finding is clear, SAND is in big trouble against the king of cryptocurrencies. Since the beginning of 2022, the asset has experienced a strong bearish force by chaining several rejections on the weekly EMA13.

Having lost a key level equivalent to 3549 satoshis, the asset is moving at high speed towards 2500 satoshis. If he fails to bounce back at this level, SAND will continue to be in trouble and will head towards 1171 satoshis. Of course, just because an asset outperforms Bitcoin does not mean it will be able to register good bullish performances. However, in the current context, an asset that outperforms Bitcoin may tend to register a minor decline. This is further confirmed as bitcoin dominance is on the rise, as we saw in yesterday afternoon’s crypto spot.

Here we are at the end of this analysis of SAND, one of the biggest assets in the metaverse ecosystem. Unfortunately, you can see the strength of the downtrend, whether it is against the dollar or it Bitcorner. Thus, since the situation is not easy, the asset will need to recover as soon as possible with a resumption of the levels identified through the analysis to hope for a trend reversal or at least a slowdown in the downtrend.

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