SANDBOX (SAND) price analysis: Will the bear market continue?
The SANDBOX (SAND) cryptocurrency has faced significant price fluctuations recently, with prices reaching $0.27 before potentially facing another drop. As the majority of current holders are experiencing losses, there are concerns about the cryptocurrency’s future.
Sandbox faces challenging times
Despite a slight increase in prices over the past seven days, on-chain data reveals a negative short/long term gap between realized value and market capitalization (MVRV) of -35.56%. This suggests a bearish sentiment in the market, with short-term holders potentially profiting more than long-term holders at the current price.
Historically, SANDBOX enters a bearish cycle when the MVRV indicator ranges between -40.74% and -75.26%. The current value indicates a possible downturn in prices if the trend continues.
SANDBOX price prediction and market analysis
Technical analysis on SANDBOX’s daily chart mirrors the on-chain data, with indicators pointing towards a bear market. The Balance of Power (BoP) dropping to -0.64 signifies seller dominance in the market, potentially leading to further price decreases.
Additionally, the recent uptrend in bearish indicators compared to bullish indicators suggests a lack of confidence among traders in SANDBOX’s future performance. If selling pressure persists, the price could drop to $0.20.
Conclusion: Potential challenges ahead for SANDBOX
In conclusion, SANDBOX (SAND) faces a challenging market environment with indicators pointing towards a bearish trend. Traders and investors should closely monitor price movements and market signals to make informed decisions in this volatile market.
