The post Can The Sandbox (SAND) Price Crash to Bear Market Lows? appeared on BitcoinEthereumNews.com.

The Sandbox (SAND) price climbed to $0.27 during early trading today. However, with 98% of its holders currently in losses, the token may face another price drop. Year-to-date (YTD), SAND’s price has fallen by 56.22%. If this decline continues, the cryptocurrency could approach its lowest price seen during the 2022 bear market. The Sandbox Continues to Face Tough Times The Sandbox price has risen by about 6% over the last seven days. However, on-chain data shows the Market Value to Realized Value (MVRV) Long/Short Difference is -35.56%. This metric, which tracks market profitability, is essential for identifying bear and bull phases. Negative values indicate that short-term holders would realize more profits than long-term holders if they sold at the current price. Conversely, positive values suggest that long-term holders would realize more profits if they sold. Considering the above, the MVRV Long/Short Difference also captures the top of a bull run and when a cryptocurrency is heading toward a bear market. Historically, SAND enters a bear cycle when the metric is between -40.74% and -75.26%. Read more: What Is The Sandbox (SAND)? The Sandbox MVRV Long/Short Difference. Source: Santiment This conclusion is based on the metric’s behavior during the 2022 bull market, which eventually led to a collapse in crypto prices. If SAND’s price fails to make a notable jump, profitability will decrease, potentially pushing the token into a bear phase. Another indicator supporting this outlook is the Bulls and Bears Indicator. This tool tracks whether the top 1% of trading volume participants are buying or selling. Bulls are those buying 1% of the trading volume, while bears are those selling the same volume. An increase in bulls relative to bears is a positive sign that could apply upward pressure on the price. The Sandbox Bulls and Bears Indicator. Source: IntoTheBlock In…

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Filed under: News - @ August 15, 2024 1:21 am