SAND USDT ANALYSIS
Support and resistance levels:
• Short-term support: $0.5904
This is the lowest level in the past 24 hours. If the price breaks this level, it is likely to test lower levels, close to $0.58.
• Short-term resistance: $0.6866
This is the highest price in the past 24 hours. The price needs to break this level to confirm a bullish reversal.
Trading volume:
• 24-hour trading volume reached $423.20M, but the price is still declining, indicating that selling pressure is stronger than buying pressure. This is a negative signal.
Conclusion:
• Bearish signal: The price is in a downtrend, and both the EMA lines and trading volume support the downward momentum. Key support is at $0.59. If broken, the price may continue to decline to the $0.58 area or lower.
• Potential recovery signal: If the RSI is in the oversold area or the price bounces off support, a short-term recovery may occur, with resistance at $0.6866.
Trading strategy:
• If you want to buy (long):
• Wait for confirmation of the price bouncing off the support level of $0.59 with a bullish signal such as a strong green candle, or the RSI touching the oversold area.
• Potential entry point: $0.60.
• Take profit: $0.68, $0.70.
• Stop loss: Below $0.58.
• If you want to sell (short):
• If the price breaks $0.59, enter a sell order.
• Take profit: $0.58, $0.55.
• Stop loss: Above $0.61.
Note: The cryptocurrency market is highly volatile, you should use risk management and monitor other factors.
