SAND Braces for Potential Decline, Bitcoin Under Sell Pressure, and DIGI Poised for Major Gains
The post SAND Braces for Potential Decline, Bitcoin Under Sell Pressure, and DIGI Poised for Major Gains appeared on BitcoinEthereumNews.com.
Sandbox (SAND) recently climbed to $0.27, but a negative MVRV indicates it could decline further to $0.20. Bitcoin is under pressure, falling 2.5% to $58,500 due to government sales of Silk Road-linked holdings. Meanwhile, DigiHorse (DIGI) is gaining momentum with its presale, promising a potential 2,150% price surge upon listing, driven by strategic partnerships and a solid market entry strategy. Sandbox (SAND) Faces Bearish Pressure Despite Recent Price Climb The price of Sandbox (SAND) climbed to $0.27 in early trading today, but with 98% of holders currently at a loss, the token may be headed for another decline. Year-to-date, SAND has fallen by 56.22%, and if this downward trend continues, it could approach its lowest levels seen during the 2022 bear market. Over the past week, SAND’s price has risen by about 6%, but on-chain data reveals a troubling Market Value to Realized Value (MVRV) Long/Short Difference of -35.56%. This negative value suggests that short-term holders are in a better position to profit than long-term holders, a signal often associated with the onset of a bear market. Historically, when SAND’s MVRV metric falls between -40.74% and -75.26%, the cryptocurrency tends to enter a bear cycle. Adding to the bearish outlook is the Bulls and Bears Indicator, which tracks whether the top 1% of trading volume participants are buying or selling. Over the past seven days, SAND has seen 28 more bears than bulls, indicating a lack of confidence among traders. Without a significant increase in buying pressure, SAND may continue to face downward pressure, potentially leading to further declines. Bitcoin Faces Sell Pressure as US Government and Mt. Gox Move Large Holdings Bitcoin continues to experience significant sell pressure as notable movements from U.S. government holdings and Mt. Gox creditors affect the market. On Wednesday, Bitcoin’s price fell 2.5% to…
Filed under: News - @ August 17, 2024 4:26 pm