In recent weeks, Sandbox [SAND] continued its bearish movement as the altcoin struggled to break past crucial resistance levels. The price action battled with the 20-day and 50-day EMAs, both acting as strong barriers for bulls.

A long-term trendline (white) further reaffirmed these resistance levels. Since June, the buyers have yet to convincingly breach this resistance. At press time, SAND traded at around $0.25.

A close look at the price action revealed a descending triangle pattern formation. This pattern is characterized by sellers testing the $0.23 support level multiple times while provoking lower highs on the chart.

SAND bears continued to put more pressure on the altcoin, with a breakout above $0.25 needed to spark a recovery and avoid further downside.

Source: https://ambcrypto.com/sands-descending-triangle-what-this-pattern-means-for-future-prices/

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