SAND investors have been exiting since January; has anything changed?

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

Bitcoin Dominance took a huge leap earlier this month as it soared from 41.5% on 10 May to touch 45.47% on 19 May. This surge meant that Bitcoin’s share of the total market capitalization of the crypto-market rose by a huge amount, even though the price per Bitcoin remained around the same – Around $29k. Therefore, altcoins are shedding value much faster than Bitcoin, and long-term investors would be wise to remain cautious of the movement of this metric.

For The Sandbox, a buying opportunity for long-term horizon investors is not yet present. The trend, in fact, remained overwhelmingly bearish at press time.

Source: SAND/USDT on TradingView

The $4.4, $3.6, and $2.65-zones have been critical support levels over the past three months. The price has broken beneath each of them, and at press time, SAND was trading at $1.28. These levels had acted as strong resistance when SAND pushed north in October and November last year.

The next stronghold of the buyers lay around the $1-area, with $1.08 marked as a support level on the charts. However, the series of lower highs and lower lows over the past few months suggested that buyers run a high risk of large losses if they attempt to DCA into a steady downtrend.

Instead, long-term investors might want to wait for signs of strength from buyers before allocating some capital towards the crypto-asset.

Source: SAND/USDT on TradingView

The price formed a hidden bearish divergence with the momentum indicator, RSI. The price formed lower highs (white) while the RSI made higher highs. This bearish divergence suggested a continuation of the downtrend, and therefore,