the sandbox crypto currency digital payment system blockchain concept. Cryptocurrency isolated on earth night lights world map background. Vector illustration
Sandbox price has failed to continue with the bullish trend of the past three consecutive days. Instead, today’s prices are down by 4 per cent. The prices are also looking highly likely to continue falling throughout the session.
In today’s trading session, Sandbox’s price is down by 4%. This is despite bullish past three days and indicating signs that the cryptocurrency may be due for recovery. However, the drop today, when looked at in a wider context, is not surprising. The price of Sandbox has been trading sideways since May 13.
Whenever there has been a strong or consistent bull move, a strong bear push to the downside always resulted. Looking at the chart below, the last three days had been bullish, though with little momentum. To correct this, today’s prices have been aggressively bearish, wiping out gains made in the past three days.
Therefore, using the chart below, my SAND price prediction expects the prices to continue with the sideways market trend. There is a high likelihood that we will see today’s aggressive push to the downside wiped in tomorrow’s trading session. In my June 1, 2022 analysis, I indicated that I expected the prices to continue with the sideways trend.
At the time, the price action looked very similar to what we are seeing today. I also indicated a possibility of the prices breaking out of the sideways market if the prices moved to trade below $0.88. None of the conditions mentioned in my analysis has happened. Therefore, I still expect the continuation of the sideways market.
However, as I had predicted in my June 1 analysis, the trend will change to bearish if the prices move below the $0.88 support level. My sideways market analysis will also be invalidated. It will also mean a likely resumption of a very long-term trend that has seen Sandbox lose 77 per cent of its value this year.
This post was last modified on %s = human-readable time difference 10:37