by LyonTS #SAND 12H

TREND 🔴🔴🔴🔴🔴 MA🔴RSI🔴 Volume 1D 18.17M CD Week -2.89M

Price once again failed to break through the resistance at 0.6867 and retraced back to an important level (visible on the weekly timeframe) at 0.5658. After a brief consolidation, it formed a divergence and moved downwards. Currently, the asset is trading near the support level of 0.419-0.518, but there is no significant bounce or signs of buying pressure. Cumulative delta is negative, and the RSI is oversold. It is more likely that we will see a minor bounce (which could provide an opportunity to enter a short position near the upper level of support) followed by another decline towards the support range of 0.421-0.440. Reaction at this level will provide insights into a potential reversal or further downside movement #trading #short