Brief Analysis —— SANDThe preliminary result to the lawsuit of XRP and the SEC was released yesterday. The court held that XRP does not meet the characteristics of securities in the secondary market, but meets the HOWEY judgment in the primary market. This result is interpreted as a victory for XRP, but also for the crypto market.
After that, XRP was relisted by the exchange such as Coinbase and pumped. Many tokens that were defined as securities last month followed up. Today we have selected three tokens that were once defined as securities to share. AVAX\USDT, MATIC\USDT, SAND\USDT
Although SAND had gains of more than 13% yesterday, it is not a big deal for the decline after being defined as a security. The price was near the high point of early July and did not recover the decline of early June like many other tokens. This has caused SAND to maintain bearish on a large scale. The trend is more like maintaining fluctuation in the past month.
Conclusion: Mostly fluctuation. The long green candle yesterday was more likely to be carried by the market. Up until yesterday, there was little momentum to move up. And at the current price, the previous low can still provide resistance, so we come to this conclusion. We set resistance level at 0.495, which is the lower rail of the previous range, and support level at 0.362.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
