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The Sandbox Price Retreats Below 200 EMA: Is It The Time To Sell?

Table of Contents

1 The Sandbox crypto price was $0.427, recording a 5.46% drop in Intraday.  
2 The bitcoin SAND price broke below the 200-Day EMA, suggesting a trend reversal on the daily chart.

The Sandbox crypto price lost its traction and declined breaking below the 200-Day EMA over the daily chart. The crypto started the week with a negative bias and lost nearly 6% on Monday.
Moreover, the bears continued with the same momentum in the 2nd session of the week and dropped sharply after attempting to recover slightly in the morning session. 
On a 4-hour chart, the price SAND crypto price has fallen below all the key EMAs suggesting strong selling pressure at the upper levels.
The recent price drop has dragged it below the 200-Day EMA signaling a trend reversal on the charts. The SAND price has slumped below the monthly low and might continue to drop further.
At the time of writing, the SAND crypto price was hovering near $0.427 with a negative development of  5.46. The crypto has a total market cap of $959.147 Million and ranks 59th in the overall crypto market. It has a 24-hour volume of 124.608 Million with a rise of 56.89% as compared to the previous day. 

Source: CoinMarketCap

The Sandbox Crypto Price Trend Analysis
Moreover, the recent breakdown below the 200-Day EMA has dragged the SAND crypto below the 200-Day suggesting a trend reversal over the daily chart. As observed on the charts the price peaked at a value of $0.67 in the last week of December and suffered a high amount of selloff.
Moreover, looking closely, a head and shoulders pattern may be observed over the daily chart of The Sandbox crypto indicating a bearish outlook ahead. Currently, the price has broken below the neckline of the patterns and might continue to drop further. 
The crypto has some room to fall until it reaches any major support. On the lower side, the $0.37 and $0.33 may act as strong support levels. The price has a downside room of nearly 10% until it meets any major support.
On the other side, the breakdown below the monthly low and 200-Day EMA has increased difficulties for the buyers as more selling orders have accumulated at the lower levels. For the price to reclaim bullish territory again, the buyers need to surpass multiple resistance levels.
The Sandbox Price Prediction January 2024

SAND/USD Chart by TradingView

As per the most pessimistic view of our analysts, the price has a room of 10-12% on the lower side for the upcoming sessions to reach $0.376. The most optimistic outlook suggests an upside target of 0.496 if the price manages to break above the 200-Day EMA. 
The Sandbox Price Prediction 2024
The price prediction for 2024 shows that The Sandbox crypto may advance to a high of $0.677 by 2024 if positive conditions prevail. The less optimistic analysts estimate a price target of $0.540 by 2024 end.
The Sandbox Price Prediction 2025
On the most bullish observation, The Sandbox crypto could reach a high of $1.03 in 2025. On the flip side, the most pessimistic prediction of our analysts is for the price to reach $0.760.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

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