Despite recent collaborations, Sandbox [SAND], a blockchain gaming platform, has come under pressure to sell.
Recently, Sandbox and Wunderman Thompson, a global media company, have been involved in an incredible Web3 experience. Sandbox has also partnered with OpenZepellin, a leading blockchain security company, to secure its ecosystem.
Although these relationships changed the feelings of investors, the holders did not see any benefit. At the time of going to press, the SAND has fallen sharply and is likely to break below these support levels.
SAND CHANNEL ADDITIONAL CHANNEL: Will the Bears Continue to Have a Season?
SAND price action since mid-November has formed a parallel channel. At the time of going to press, the coin has almost crossed the lower end of the parallel channel. A positive break could see SAND break below $0.5182 and target $0.4483. Anecdotal evidence suggests that the pressure to sell may continue. For example, the Relative Strength Index (RSI) is at 36, which is below the neutral level of 50, and is falling. This shows that the selling pressure has increased significantly.
Similarly, the Money Flow Index (MFI) moved from the overbought area to the oversold area. This shows that the market is in a strong distribution pattern as investors lose their holdings. Therefore, depending on the height of the parallel channel, SAND can go down to $0.4483.
However, an intraday candle close above the 23.6% Fib level ($0.5472) will undermine the above predictions. Going up like that, SAND will face some resistance, including mid-par
Channel allel at $0.5756.
Long-term SAND users experienced more losses despite better results
According to Santiment, SAND’s heavy sentiment has been rising since December 6. However, the 365-day MVRV (market value and asset value) moved in the opposite direction, falling at the same time. This shows that investors’ interest in SAND has increased, while long-term holders have not seen any benefit. In addition, SAND trading volume has decreased over the past few days, undermining the buying pressure. Therefore, selling pressure may increase and keep SAND prices lower.