With the breakout of the triangle pattern, the SAND coin price falls below the 200-day EMA and $3. Will the downfall reach $2?

The SAND coin price shows a downfall of 34% in the last seven days, resulting in the triangle pattern breakout mentioned in our previous article. The downfall cracks open multiple support levels like the 200-day EMA, a short-coming trendline, and the $3 psychological support mark. Hence, putting the SandBox in a defensive stance. Will the downfall create a bottom soon or reach the $2 mark?
<h2>Key technical points:</h2>
<ul>
 	<li style="font-weight: 400">SAND coin price breaks below the $3 mark.</li>
 	<li style="font-weight: 400">The 50 and 100-day EMA are on the verge of a bearish crossover.</li>
 	<li style="font-weight: 400">The 24-hour trading volume in the SandBox token is $1.26 Billion, indicating a 30% rise. </li>
</ul>
<h2>Past Performance of SAND</h2>
SAND coin price fails to sustain above the 50-day EMA despite the 55% jump from the 200-day EMA accounts a leap from $3 to $4.75. However, the long-coming resistance trendline bears down on the uptrend resulting in the triangle pattern breakout. The downfall creates multiple bearish candles before taking down the $3 support level. Currently, the market price of the SAND token is $2.86, with a 13.30% fall in the last 24 hours.

<img src="https://s3.tradingview.com/snapshots/s/SQj4LLYJ.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/SQj4LLYJ/">Tradingview</a>
<h2>SAND Technical Analysis </h2>
The increasing number of sellers is evident by the higher price rejection and the 30% jump in the trading volume. Moreover, the price action hints at an inverted head and shoulder breakout that has given the massive downfall. 

The crucial 50 and 100-day EMAs close to the $4 mark are on the verge of giving a bearish crossover. The price breaking below the 200-day EMA turns the sentiment needle to the bearish zone. 

The RSI Indicator shows an increase in selling pressure as the slope faces rejection near the 14-day average and experiences a sharp decline. The oversold nature of RSI with the 14-day SMA breaking below the 50% line shows a rise in underlying bearishness. 

The MACD indicator shows the fast and slow lines falling below zero after the recent bearish crossover. The MACD histogram shows a negative trend in action. However, the lines showcase the possibility of a bullish divergence. 

In a nutshell, the SAND technical analysis showcases the downtrend gaining momentum with the $3 breakout.
<h2>Upcoming Trend</h2>
The SAND coin price shows a sellers-driven trend in action after the fallout of the triangle pattern. Moreover, the downfall approaches the $2.30 support level that can help create a bottom and halt the free fall. However, an increase in selling near $2.30 can result in a downfall of $2.

Support Levels: $2.30 and $2

Resistance Levels: $3.15 and $4

SAND Technical Analysis: Bulls Go Underground As Trend Approaches $2 

With the breakout of the triangle pattern, the SAND coin price falls below the 200-day EMA and $3. Will the downfall reach $2?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

SAND Technical Analysis: Bulls Go Underground As Trend Approaches $2

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