The $4 fallout results in the symmetrical triangle breakout that drives the SAND coin price lower to the $3 mark. Will bulls halt the downfall before $3?

The SAND coin price shows a downfall of almost 20% as it fails to sustain above the 50 and 100-day EMAs. Under the rising bearish influence over the crypto market, the Sandbox token fell 20% in the last 72 hours resulting in a symmetrical triangle fallout. Will this downfall reach the $3 mark?
<h2>Key technical points:</h2>
<ul>
 	<li style="font-weight: 400">SAND prices break below the $4 mark.</li>
 	<li style="font-weight: 400">The coin price trades beneath the 50 and 100-day EMA.</li>
 	<li style="font-weight: 400">The 24-hour trading volume in the SandBox token is $779 Million, indicating a 26% fall. </li>
</ul>
<h2>Past Performance of SAND</h2>
The SAND coin price increased by 60% from $3 to $4.75 between January 25th and February 8th. However, the rally failed to surpass the selling pressure and retraced back to $3.60. After that, the coin price resonated within a symmetrical triangle.  

On February 16th, the increased selling pressure resulted in an early bearish reversal within the triangle, and the followed trend continuation broke below the triangle. The fallout created triple bearish daily candles accounting for a 20% downfall. 

Currently, the market price of the SAND token is $3.60, with a 4.97% downfall in the last 24 hours. However, the highly anticipated bearish continuation can increase the percentage fall over the hours. 

<img src="https://s3.tradingview.com/snapshots/m/MzSRWHBa.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/MzSRWHBa/">Tradingview</a>
<h2>SAND Technical Analysis </h2>
The breakout of $4 has increased the overall bearish sentiment that warns of a downfall to $3.15. However, an increase in selling pressure can result in a breakout of the $3 mark to the $2.30 support level. 

The crucial 50,100, and 200-day EMAs maintain a weak bullish alignment as the slope gradually turns negative. The 50 and 100-day EMA may shortly give a bearish crossover that may increase the selling pressure. Moreover, the falling prices head lower to the 200-day EMA that is anticipated to provide bullish support. 

The RSI Indicator shows the slope following a similar path as the altcoin price action as it trends lower than the 14-day SMA. The indicator's slope breaks below the 50% line and approaches the 30% mark. 

The MACD indicator shows a bearish continuation in the MACD and signal lines after the recent crossover at the zero line. Moreover, the increasing intensity of the bearish histogram indicates a rising trend of underlying bearishness. 

<img class="aligncenter size-full wp-image-227898" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2022/02/Screenshot_15.png" alt="" width="1440" height="497" />

The Global In/Out Of Money indicator goes along with the price action analysis and hints of a downfall below the $3 mark. The following support zone for the altcoin ranges between $1.42 and $3.39, with around 12.48K addresses that account for 313.29M SAND tokens. The average price of $2.73 stands as a crucial on-chain support level that may reverse the downfall.

In conclusion, the SAND technical analysis shows an increased fear in the mind of the investors and a possible continuation to the $3 mark.
<h2>Upcoming Trend</h2>
The SAND coin prices expect the upcoming trend to be bearish as the trend momentum increases with the boom in selling pressure. Hence, traders can expect the price to reach the $3.15 support level near the 200-day EMA. 

Support Levels: $3.15 and $3

Resistance Levels: $4 and $4.85

SAND Technical Analysis: Onchain Data Suggests $3 Fallout 

The $4 fallout results in the symmetrical triangle breakout that drives the SAND coin price lower to the $3 mark. Will bulls halt the downfall before $3?

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: Onchain Data Suggests $3 Fallout

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