Sandbox (SAND) is approaching a key support zone – Can it reverse the downward trend?
The general outlook on Sandbox (SAND) over the last few weeks has been bearish. The metaverse token is now approaching a crucial support point in its price action. What happens from there will determine how it fairs in the near term. But can Sandbox (SAND) break the downtrend? The analysis is below but first, some highlight:
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Sandbox (SAND) is rapidly sliding down to its support zone of $4.2 after a bearish start to the year.
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This support level has however held strong after being tested twice before but bear pressure is very high.
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At the time of writing, the token was trading for $4.31, slightly above this zone and up around 2.5% in 24 hours.
Data Source: Trading view
Sandbox (SAND) – Price action and analysis
Like most coins in the crypto market, Sandbox (SAND) has seen a consistent decline for most parts of the year. The coin is in fact trading 15% lower compared to seven days ago albeit it has managed to pair up some of those losses with a 2% intraday gain.
However, the downtrend has sent SAND towards its crucial support of $4.2. The support has been tested twice before this year and held strong. But if SAND fails to hold off the downtrend this time and falls below the $4.2 mark, the coin could tumble even further towards $3.3 and eventually $2.8.
But, if bulls can hold off the pressure and maintain gains above that threshold, a quick rebound towards $4.6 is quite feasible in the near term.
Should you buy Sandbox (SAND)
Yes, Sandbox (SAND) is one of the most popular tokens right now due to the anticipation of the metaverse. The token was also one of the big performers in 2021, and despite the rocky start into the new year, long-term Sandbox (SAND) will still deliver incredible value to investors. It is therefore a decent buy right now.
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