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SAND loses 8% in 24 hours due to widespread weak emotions
Fed policy statement on Wednesday determines price volatility
SAND risk withstands more pressure when prices fall below the moving average
Sandbox token SAND / USD is back in the integrated market. Tokens have lost almost 8% in the last 24 hours. Losses occur amid concerns about further economic tightening by the Fed at Wednesday’s meeting.
SAND’s recent price fluctuations are fixed in the sentiment of common cryptocurrencies. Tokens recovered from the June level below $ 1 at a bailout rally that lasted until last week. Tokens remain among those that are expected to rise as the Metaverse continues to materialize. However, at this point, SAND is bearish and investors need to be careful prior to the Fed’s statement.
Source TradingView
On the daily chart, SAND is bearish as it failed to break out of the $ 1.28 resistance zone. Weaknesses reflect that buyers are making a profit prior to the Fed’s policy meeting. Due to recent weaknesses, SAND is trading below the moving averages on the 14th and 21st. This suggests short-term bear pressure that could push prices down.
Another bear signal on the token is the MACD crossover. Since June 21, the MACD line has been above the moving average due to price spikes. However, the MACD line is currently below the moving average. It welcomes the bear market.
If SAND fails to rekindle the comeback, the price is expected to settle with $ 1.01 support. If emotions improve in the crypto market, it will attract buyers.
Sandbox Token SAND remains bearish until the token finds support for $ 1. Token recovery depends on whether the crypto sentiment improves after the FOMC statement. Currently, technical indicators support low prices, the next support is $ 1.
