SAND loses 8% in 24 hours as weak sentiment prevails
Fed’s coverage assertion on Wednesday will decide worth motion
SAND dangers additional bear stress as worth crashes under shifting averages
Sandbox token SAND/USD is again within the consolidation market. The token misplaced almost 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 worth motion has been pegged to the prevailing crypto sentiment. The token recovered from June’s degree under $1 on a aid rally that lasted up to final week. The token stays amongst these anticipated to rise as Metaverse continues to actualize. However, in the mean time, SAND is bearish, and traders must be cautious forward of the Fed assertion.
SAND token bearish because it eyes $1.0 assist
Source – TradingView
On the each day chart, SAND is bearish after failing to break 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 under the 14-day and 21-day shifting averages. That suggests a short-term bearish stress that would push the value down.
Another bear sign for the token is the MACD crossover. Since June 21, the MACD line has remained above the shifting common as the value surged. However, the MACD line is now chopping under the shifting common. That welcomes a bearish market.
If SAND fails to reignite a comeback, we anticipate the value to settle at $1.01 assist. That will entice consumers if sentiment improves in crypto markets.
Concluding ideas
Sandbox token SAND will stay bearish till the token finds assist at $1. The restoration of the token will depend upon whether or not crypto sentiment will enhance after the FOMC assertion. Currently, technical indicators assist a lower cost, with the subsequent assist at $1.
