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SAND loses 8% in 24 hours as weak sentiment prevails
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Fed’s coverage assertion on Wednesday will decide value motion
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SAND dangers additional bear strain as value crashes beneath transferring averages
Sandbox token SAND/USD is again within the consolidation market. The token misplaced practically 8% within the final 24 hours. The losses come amid considerations of additional financial tightening by the Fed in a gathering on Wednesday.
SAND’s current value motion has been pegged to the prevailing crypto sentiment. The token recovered from June’s stage beneath $1 on a aid rally that lasted as much as final week. The token stays amongst these anticipated to rise as Metaverse continues to actualize. Nonetheless, in the intervening time, SAND is bearish, and buyers must be cautious forward of the Fed assertion.
SAND token bearish because it eyes $1.0 help
Supply – TradingView
On the each day chart, SAND is bearish after failing to interrupt above a resistance zone at $1.28. The weak spot displays consumers taking revenue forward of the Fed coverage assembly. Following the current weak spot, SAND is buying and selling beneath the 14-day and 21-day transferring averages. That means a short-term bearish strain that might push the worth down.
One other bear sign for the token is the MACD crossover. Since June 21, the MACD line has remained above the transferring common as the worth surged. Nonetheless, the MACD line is now slicing beneath the transferring common. That welcomes a bearish market.
If SAND fails to reignite a comeback, we count on the worth to settle at $1.01 help. That may entice consumers if sentiment improves in crypto markets.
Concluding ideas
Sandbox token SAND will stay bearish till the token finds help at $1. The restoration of the token will rely on whether or not crypto sentiment will enhance after the FOMC assertion. Presently, technical indicators help a lower cost, with the following help at $1.