SAND loses 8% in 24 hours as weak sentiment prevails
Fed’s policy statement on Wednesday will determine price movement
SAND risks further bear pressure as price crashes below moving averages
Sandbox token SAND/USD is back in the consolidation market. The token lost nearly 8% in the last 24 hours. The losses come amid concerns of further economic tightening by the Fed in a meeting on Wednesday.
SAND’s recent price movement has been pegged to the prevailing crypto sentiment. The token recovered from June’s level below $1 on a relief rally that lasted up to last week. The token remains among those expected to rise as Metaverse continues to actualize. However, at the moment, SAND is bearish, and investors should be cautious ahead of the Fed statement.
SAND token bearish as it eyes $1.0 support
Source – TradingView
On the daily chart, SAND is bearish after failing to break above a resistance zone at $1.28. The weakness reflects buyers taking profit ahead of the Fed policy meeting. Following the recent weakness, SAND is trading below the 14-day and 21-day moving averages. That suggests a short-term bearish pressure that could push the price down.
Another bear signal for the token is the MACD crossover. Since June 21, the MACD line has remained above the moving average as the price surged. However, the MACD line is now cutting below the moving average. That welcomes a bearish market.
If SAND fails to reignite a comeback, we expect the price to settle at $1.01 support. That will attract buyers if sentiment improves in crypto markets.
Concluding thoughts
Sandbox token SAND will remain bearish until the token finds support at $1. The recovery of the token will depend on whether crypto sentiment will improve after the FOMC statement. Currently, technical indicators support a lower price, with the next support at $1.
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