Despite signs of bottoming out, Sandbox (SAND) price has struggled to trigger a significant reversal and remained below the key moving averages.
Typically, a double-bottom formation near the demand zone might lead to a surge. Retail investors are willing to rise and accumate SAND.
In addition, a bullish engulfing candlestick was spotted, and a substantial price surge of over 2.90% was recorded in the last 24 hours.
However, the declining moving averages conveyed that SAND was in a significant downtrend, and sellers have maintained their upper hand.
SAND price has corrected more than 50% in the last two months, conveying that bulls stayed on the back foot.
Are Sandbox (SAND) Bears Losing the Fight?
A double-bottom, a famous bullish signal, was spotted on the chart, signaling a short-term price reversal. Its confirmation can be seen above the $0.3000 mark, which could lead to an upswing.
With a surge of over 3.30%, SAND price was $0.2525 at press time. However, the trading volume looked unfavorable; it dropped by over 30%, representing a lack of investor interest.
SAND price has seen a series of oscillations between $0.2300-$0.300, which is a consolidation pattern. The token is struggling below the 20-day EMA mark, indicating a lack of strong directional movement.
To gain an edge, bulls must clear the roadblock of $0.3000. Amid the market rebound, a decline of over 30% in trading volume was noted, which indicates low investor optimism.
@taqwaayub that the SAND price is approaching the trendline hurdle and is ready to take off ahead.
The RSI index line is below the midline region, underlying neutrality. Similarly, the MACD indicator was still projecting red bars on the histogram, conveying the bearish cues.
Notably, the development activity data also started moving upwards, indicating the significant growth in the ecosystem which might fuel the price surge in the short term.
However, the SAND OI-Weighted Funding rate was 0.0090% at press time, which supported the increased demand for long positions.
This suggested that the market sentiment is bullish and SAND could experience a significant upswing shortly.
SAND Investors are Losing Money
According to IntoTheBlock data, only 1.14% of holders are making money at current price levels. Meanwhile, more than 98% of the holders are losing their money.
Selling SAND at the current price would result in a loss for 98% of the wallet addresses holding the altcoin. Thus, it signals that a buy-on-dips opportunity and a bullish reversal could be seen.
Futures Open Interest has increased by 1.30%, indicating a minor add-ons. SAND bulls need much more than that to flip the barriers successfully.
If the SAND price crosses the 20-day EMA barrier, it could rally toward $0.2800, followed by $0.3000 in the short term. On the other hand, if a retracement happens, the token may slip toward $0.2200, followed by $0.2000.
