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The Sandbox Price Prediction March 2022: Will SAND Reach $10 in March?

The Sandbox Price Prediction March 2022: Will SAND Reach $10 in March?

SAND Technical Analysis – March 2022

The price of The Sandbox (SAND) reached an all-time high in late November of 2021 at a price of around $8.50. After that, the price of SAND started declining at large rates. The price initially declined to around $4.40. By the end of the year, SAND recovered by almost 60%, but it faced resistance at $7, marking a lower high in the 1-day chart to end the last quarter of the year.

In January of 2022, the price continued to be bearish, as SAND declined by more than 60% in the first three weeks of the year. After finding support at $2.57, the rebounded and reached as high as $4.86. The downtrend continued in February as well, where the price has declined by more than 45% in the 1-day chart. 

While the price recently had another surge of 30% in the 1-day chart, SAND is still bearish as the price is now getting closer to the support at $2.57. In the long-term chart, we can see a descending wedge pattern taking shape for SAND. This could eventually see SAND have a breakout in the coming weeks. Whether that occurs depends on plenty of other factors, but the fear and greed index shows signs of extreme fear. The latter is an indicator for a trend reversal in most cases.

The Sandbox (SAND) Monthly Price Analysis.
SAND/USDT 1-Day Chart.

Key Structures

Support

  • $2.60

Resistance

  • $3.43

Indicators

Moving Average

Both the 50-day and the 20-day MA lines are above the price of SAND. This shows that the overall trend is still bearish for SAND and that the price could keep declining in the coming weeks/months.

The 9-day EMA is also above the price of SNAD, meaning that the price could decline in the short run as well, where the EMA line may act as resistance to the price.

Relative Strength Index

The RSI of a 1-day chart is now more stable as it recently was close to 30, meaning that SAND was oversold. Because of that, the price had a recovery. Nonetheless, the selling pressure is still high and the price may keep declining in the coming days. However, now there’s plenty of space for SAND to have a go upward.

The Sandbox (SAND) RSI.
SAND/USDT 1-Day Chart RSI.

MACD

The MACD line of a 1-day chart is currently below the signal line and below the baseline, meaning that the momentum is bearish for SAND. Nonetheless, the lines are slightly converging, meaning that the momentum may soon change if the price keeps recovering at this rate.

The Sandbox (SAND) MACD
SAND/USDT 1-Day Chart MACD.

Fibonacci

The Fibonacci retracement levels of a 1-day chart suggest that the price faced resistance at the 38.2% level. Since that level proved to be strong and the price kept declining we may see SAND go further below in the coming weeks, other things equal.

The Sandbox (SAND) Fibonacci Levels
SAND/USDT 1-Day Chart Fibonacci Levels.

Price Prediction SAND  – March 2022

Based on this technical analysis on The Sandbox (SAND), the price of SAND may keep declining in the coming days if the price does not find support at $2.57. If that level is broken, then we may see SAND decline in the coming days and go below $2. Eventually, it may go as low as $1.75 in the coming weeks. However, the narrowing wedge also suggests that a breakout may occur this month, which may eventually see SAND break the upper trend line and aim for a reversal.

Latest News for SAND – Affecting Price

While the conflict between Ukraine and Russia may have had a negative impact on the market, SAND has been trying t keep itself as bullish as possible when it comes to its community. 

Recently, The Sandbox has partnered with K-Pop, allowing the latter to expand their influence in the Metaverse. While the partnership is mainly between The Sandbox and the Cube, this will allow the K-culture to reach the realm of the metaverse and further increase the utility of both of these projects.

Additionally, The Sandbox has jumped in the trend of partnering with hip hop artist, Snoop Dogg. Snoop Dogg is known for his contribution to the NFT market and is a known supporter of many crypto projects, including SAND. Due to his influence, the price of SAND could potentially increase as more projects between the two unfold. 

Last but not least, to mark the influence that The Sandbox has in the crypto market, the number of users in the SAND metaverse has surpassed 2 million. This is another indicator suggesting that this network is constantly growing and that it may have a bright future in both the short and the long run.

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