The SAND token, used in the Sandbox market, has seen meteoric growth in the last few weeks. This surge is apparent as bulls in the SAND currency market make waves, sending prices up by more than 21.20% in the previous 24 hours.
According to statistics from Coinmarketcap, the SAND token is now trading at $0.8672 and has a 50% circulating supply of 1.499 billion tokens.
The SAND token market value has also climbed by 20.51% to $1.297 billion, while the 24-hour trading volume has increased by 574.93% to $1.028 billion, all of which point to a strong positive trend.
The increase in SAND pricing is being ascribed to an agreement signed between Saudi Arabia and Sandbox to work together on developing various metaverse initiatives.
Additionally, the bull run will be inevitable if the SAND currency breaches its resistance level of $0.9365, and the resistance level may switch to its support level. The bears will, however, take control of the market if they can lower the price of the SAND token and shatter the $0.7134 24-hour barrier mark.
On the 4-hour price chart, the Bollinger bands are bulging, with the upper band at 0.9120 and the lower band at 0.6226. As the Bollinger bands widen, this might indicate a strong market trend. When the price goes away from the middle band, it may indicate a strong direction and a tip for traders to seize prospective chances. This notion is because the more the price travels away from the centre band, the more probable it is to revert and trend in the other direction.
With a value of 0.10, the Chaikin Money Flow (CMF) trend is downhill. This level might signify an impending trend shift as throws and possible bearish activity rise. While price movement away from the middle band may be viewed as a sign of a strong trend, the Chaikin Money Flow (CMF) reading gives an additional clue that this trend may soon reverse as the CMF reading approaches 0 lines, indicating capital outflow.
SAND/USD 4-hour price chart (source: TradingView)
The BB bands on a 24-hour chart of the price are also swollen, with the upper band at 0.8629 and the bottom bar touching 0.6741. This behaviour is consistent with the idea of an imminent trend shift, as the price is moving closer to breaking above the upper band, which indicates that bullish momentum may soon start to decrease. Adverse action may be on the horizon.
The Chaikin Money Flow (CMF) reading of -0.00 on the chart is consistent with this hypothesis; it is hanging close to the equilibrium line, meaning that buying and selling pressure is almost equal, and hence a reversal in trend may be imminent.
SAND/USD 24-hour price chart (source: TradingView)
Technical indications anticipate a SAND market reversal as bullish vigour wanes. Therefore bulls must maintain the resistance level.
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