- Analysis reveals bulls have reigned the SAND market most of the day.
- Indicators caution traders to beware of a reversal in the near term.
- Bullish power soars SAND price to an intra-day high of $0.7658.
Bullishness reigns supreme in សាន់ឌឺរ (SAND) market, with bulls’ dominance causing the price to fluctuate between an intraday high and low of $0.7462 and $0.7658. However, an optimistic mood prevailed at press time, and SAND was valued at $0.753, representing a 0.64% growth.
During the upswing, market capitalization increased by 0.69% to $1,129,231,812, while 24-hour trading volume decreased by 30.64% to $163,109,444. Despite a drop in trading volume, the optimistic feeling has steadily increased SAND’s market capitalization, resulting in a more significant investment rate. This rise in investment is tied to the Sandbox market’s general positive sentiment, as investors are confident that the current trend will continue.
The MACD blue line swings in the negative zone with a value of -0.00475807 on the តម្លៃ SAND chart, reflecting a bearish pattern. This move casts doubt on the SAND token’s bullishness. Nonetheless, since the histogram is trending in the positive region with a value of 0.00102549, it indicates that the bullishness of the SAND token may still be rising.
The Coppock curve, on the other hand, is negative with a reading of -2.02323051, indicating that, although the market is bullish, the bull’s vigor is dwindling, and the market may soon be in a bearish phase.
Since the Relative Strength Index (RSI) climbs to 47.17 and moves northward, the bullish trend is gaining traction. If the bulls can retain their power, the SAND price climb may continue despite negative indications from the MACD blue line and the Coppock curve.
A bearish crossover emerges on the SAND price chart as the 100-day MA reads 0.77643656 and climbs over the 20-day MA, which strikes 0.75934701, indicating a likely downward trend.
This move implies that, although SAND is positive in the near run, a pessimistic view for the mid-term is possible if the 100-day MA remains above the 20-day MA. Furthermore, if the market momentum continues, the price action might imply a mid-term negative trend, warning traders that the present positive trend could revert to a bearish one soon.
Considering the Money Flow Index (MFI) is reading 42.68 and moving northward, indicating buying pressure, the bearish crossing on the SAND chart may be a false warning and a chance to buy instead.
Bulls must push SAND prices higher and convert resistance into support if prices are to hit new highs.
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Source: https://coinedition.com/bearish-crossover-warns-of-turnaround-in-sand-as-bullish-power-erodes/