Sandbox (SAND) breached its wedge set up three weeks ago as bears launched a regime. The alternative token has ended another pessimistic week, retaining oversold conditions before a near 38% recovery. Evaluating Sandbox’s price movements shows the altcoin broke beneath the $2.69 support on April 26.
That came after the token dipped into a constricted price range within resistance and support in the wedge setup. May 12 sessions saw SAND bottoming at $0.96, representing a 58% decline since the token plummeted beneath the support floor.
While publishing this content, SAND traded at $1.31, losing 4.52% within the previous day. The brief upswing on May 14 and 15 emerged amid some accumulation as the alt dipped into the oversold region. Also, the Money Flow Index and Relative Strength Index confirm the mentioned narrative.
Sandbox’s DMI also displayed the massive bearish momentum with the alt within the past couple of days. The –DI crossed beneath the ADX, highlighting trend weakness inside the oversold territory. That means conditions favor a bearish regime.
Will Bulls Surrender to Bears?
Fear and uncertainty dominate the crypto marketplace following the recent market events. That explains why the ongoing rebound isn’t as massive as investors anticipated, given the latest crash’s magnitude. Meanwhile, market players remain calm as they watch markets’ behavior in the coming few days.
On the on-chain metrics front, Sandbox’s exchange supply saw a slight decline since May 13. The ready matched the increase in whale transfer counts (worth over $100K of SAND). That signals accumulation as the metaverse token plummeted into the oversold territory.
The recent price uptick coincided with Sandbox’s May 13 announcement. The project declared airdrop plans plus new plans for LAND owners within the SAND Metaverse.
Moreover, the reports contributed to the asset’s buying momentum at its latest lows. Nevertheless, it may not be adequate to weaken any additional downside strength. The latter has a higher probability if the cryptocurrency market fails to weather the current FUD.
Meanwhile, bears dominated the overall crypto spectrum at this publication. The market value of all cryptocurrencies stood at $1.28 trillion, dropping 2.04% within the past day. Such conditions would support bearishness in SAND prices.
Editorial credit: AndriiKoval / shutterstock.com
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