analysis $SAND on 08/18/2024
Price forecast
Short-term forecast: The downward trend is expected to continue with a possible test of the $0.22-$0.20 level in the next 1-2 weeks.
Medium-term forecast: The decline is expected to continue with a possible correction to the $0.18-$0.16 level within 3-6 months.
Support and resistance levels
Support: $0.24, $0.22, $0.20
Resistance: $0.27, $0.30, $0.34
â ïž General conclusion
Based on technical and on-chain analysis, it is recommended to consider đshort positions at the current price level. The main factors include the downward trend, weak volumes, an increase in exchange reserves and net deposits. đąLong positions are possible with a rebound from the $0.22 level, but the probability of such a scenario is lower.
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