The Sandbox/Tether Market Overview: 24-Hour Price Action and Momentum

Summary
• Price declined from 0.2055 to 0.2050 in 24 hours, with a 0.0005 intraday drop.
• Momentum remained subdued as RSI hovered near neutral territory.
• Volume surged in early morning ET, but price failed to confirm bullish potential.

The Sandbox/Tether (SANDUSDT) opened at 0.2043 at 12:00 ET − 1 and closed at 0.2050 at 12:00 ET on November 12, 2025. The pair reached a high of 0.2055 and a low of 0.1935 during the session, with total traded volume of 6,057,260.0 and notional turnover of $1,245,067.70. Price action showed a late-day breakdown and a partial recovery into the final hours of the session, though bearish pressure was evident during the Asian and European trading sessions.

Structure and formations are defined by recent support at 0.1970–0.1959, with 0.2050–0.2060 acting as near-term resistance. A notable bearish engulfing pattern appeared at 0.2036, followed by a key bear trap forming between 0.1990–0.1995. A small doji at 0.1984 (Nov 12, 000000) suggests a short-term pause in bearish momentum, but the overall trend remains in consolidation with a bias toward the downside.

Moving averages on the 15-minute chart show the 20SMA at 0.2042 and 50SMA at 0.2046, indicating a flat or slightly bearish bias in short-term structure. On the daily chart, the 50DMA is at 0.2060, 100DMA at 0.2075, and 200DMA at 0.2110. Price remains below all major daily averages, reinforcing a broader bearish framework.

MACD and RSI confirm muted momentum. MACD crossed below zero mid-session, with the histogram declining toward negative territory. RSI reached a low of 38, near oversold territory, but failed to close above 40, suggesting traders remained cautious. The pair lacks conviction on both sides, with volume failing to surge on key price levels, indicating distribution or sideways trading pressure.

Bollinger Bands reflected moderate volatility with a 20-period width of 0.0024, narrowing slightly during the overnight consolidation phase. Price closed near the middle band at 0.2048, indicating indecision. A break below the lower band could trigger further consolidation or a short-term reversal, while a move above the upper band would require increased volume for confirmation.

Volume and turnover spiked during the overnight hours, with the 0.1970–0.1990 range seeing the most activity. However, price failed to follow volume surges higher, pointing to distribution or profit-taking. A divergence between volume and price action in the 0.1990–0.2000 range suggests traders are not committing to a directional move.

Fibonacci retracements applied to the recent 0.1935–0.2055 swing show 0.2010 (38.2%) as a potential pivot level. The 0.1970–0.1980 zone aligns with the 61.8% level and could see renewed short-term interest if a rebound forms. On the daily chart, the 0.2000–0.2010 level acts as a critical psychological floor.

Backtest Hypothesis
The provided strategy backtest, focusing on MACD Golden-Cross events since January 1, 2022, reveals mixed outcomes for SANDUSDT. With 46 Golden-Cross signals and an average 30-day return of +2.71%, the strategy slightly outperforms a buy-and-hold benchmark, but with a low win rate and noisy results. The use of 20/50-period MACD and daily close data aligns with the indicators discussed in this analysis. However, the limited edge suggests that additional filters—such as trend alignment, volume validation, and risk controls—would be necessary to improve reliability. This reinforces the notion that while momentum indicators like MACD can highlight potential turning points, they should be used in conjunction with other signals and context.