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Crypto Hot News SAND’s descent this way could trigger shorting signal for traders

Hot Crypto News Today SAND’s descent this way could trigger shorting signal for traders You Must Read To Get More Information For Trading and Investment.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

SAND’s break below $3.3 triggered a patterned breakout under its 20/50/200 EMA. This trajectory propelled a downward slide for the digital asset at the $3.3-level and marked a bearish beginning.

From here on, SAND eyed a retest of the median (red) of its pitchfork in the $2.70-zone. Then, bulls will likely provoke a test of its upper trendline (blue) before a trend committal move. At press time, SAND was trading at $2.7154, down by 7.12% in the last 24 hours.

SAND 4-hour chart

Crypto Hot News SAND’s descent this way could trigger shorting signal for traders

Since its ATH on 25 November, the bears have persistently marked lower peaks while the bulls upheld the $2.7 demand zone for nearly five months. This movement pictured a superior bearish vigor as the sellers refrained from allowing the bulls to mark higher peaks on a longer timeframe.

The recent up-channel rally from its long-term demand zone halted at the $3.6 resistance. Consequently, SAND was down by nearly 26.3% over the last nine days. 

The pitchfork tools’ median visibly offered strong support over the last four days. So, a likely retest of the median could propel a near-term recovery towards the $2.8-zone. On its way up, the altcoin would face a barrier at the upper trendline of the pitchfork before the buyers gather enough thrust for a powerful rally.

Rationale

Crypto Hot News SAND’s descent this way could trigger shorting signal for traders

The southbound RSI was struggling to halt the rapid fall as it entered the oversold region. A likely reversal from this level would confirm a bullish divergence with price.

With the -DI looking north, SAND would test its five-month support before any revival chances towards the $2.8-$2.9 mark.

Conclusion

Considering the oversold reading on its RSI and the sturdiness of its five-month support, SAND could bounce back from its immediate support level. On the flip side, a close below the $2.7-mark would trigger a shorting signal for the traders.

Besides, the alt shares a staggering 89% 30-day correlation with the king coin. Hence, keeping an eye on Bitcoin’s movement would be vital to complement these technical factors.

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Written by thegamefi

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