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SAND’s Attempt To Recover Buried Under Influx of Sell Pressure

Cryptocurrency May 07, 2022 07:30AM ET
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© Ink Drop SAND’s Attempt To Recover Buried Under Influx of Sell Pressure

  • The price of the Sandbox’s native crypto, SAND, has dropped 5.34% in the last 24.
  • The price of SAND currently sits at $2.00.
  • Bears continue to show their strength as they foil the latest attempt for crypto prices to rise in the last week, including SAND’s price.

The price of the Sandbox’s native crypto, SAND, has dropped 5.34% in the last 24 hours to $2.00, according to CoinMarketCap.

SAND’s price has also fallen in the last 7 days by double digits, dropping by around 16.48%. The 24 hour chart is a continuation of the weekly trend for the coin’s price as the price of SAND continues to fall in the last 24 hours.

The price of SAND is closer to its low set in the last 24 hours. Its 24 hour high is $2.12 and its 24 hour low is $1.98.

SAND’s price has also weakened against Bitcoin (BTC) and Ethereum (ETH) by around 3.66% and 2.38% respectively at the time of writing. Currently, SAND is worth approximately 0.00005586 BTC and 0.0007513 ETH.

Ranked number 40 on CoinMarketCap’s list of the largest cryptocurrency projects by market cap, SAND’s market cap currently stands at $2,461,522,908. The daily trading volume of SAND is down by double digits after a 22.92% decrease, with the 24 hour trading volume totalling $360,671,049.

MACD histogram changes gradient (Source: TradingView)

The daily chart for SAND/USDT shows how the price has dropped back to around $2.0066 after jumping to around $2.39 just 3 days prior.

The recent jump in SAND’s price can be attributed to the U.S. Fed’s announcement that they will be hiking the interest rate by 0.5%. Following the announcement, the whole crypto market experienced a brief surge of positive price movement.

However, the bears continue to show that they are in control after pulling down all of the prices in the market shortly thereafter, including SAND’s price.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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SAND’s Attempt To Recover Buried Under Influx of Sell Pressure
 

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