SAND is the most effective performer amongst the highest 50 cryptocurrencies by market cap to date today.
The cryptocurrency market has continued its poor efficiency this week. The broader market has misplaced almost 4% of its worth over the previous 24 hours. If the bearish development continues, the entire crypto market cap may dip under the $1.2 trillion mark quickly.
Bitcoin is struggling across the $29k stage after shedding 1.7% of its worth to date today. Ether has misplaced 6.5% of its worth within the final 24 hours and will quickly drop under the $1,800 resistance stage.
However, SAND, the native token of The Sandbox ecosystem, is the most effective performer amongst the highest 50 cryptocurrencies by market cap. SAND is presently outperforming the broader market after including more than 4% to its worth within the final 24 hours.
At press time, SAND is buying and selling at $1.33 per coin, up by more than 7% over the previous seven days.
The major catalyst behind SAND’s constructive efficiency is the information that PCCW and HKT have partnered with The Sandbox.
Thanks to those partnerships, PCCW and HKT have grow to be the primary Hong Kong-based built-in communications, media and expertise (CMT) organisations to hitch the metaverse and open a brand new frontier within the digital world.
Key ranges to look at
The SAND/USD 4-hour chart is bullish regardless of the bearish development throughout the broader cryptocurrency market. The technical indicators present that SAND is outperforming the opposite main cryptocurrencies.
The MACD line simply crossed into the constructive territory, indicating bullish momentum. The 14-day RSI of 51 reveals that SAND is now not within the oversold area.
If the rally continues, SAND may surge previous the primary main resistance stage at $1.556 over the approaching hours. However, the resistance stage above $1.833 ought to cap additional upward motion within the brief time period.
With the broader market nonetheless bearish, SAND may retrace a few of its earlier positive aspects and will drop under the $1.278 help stage earlier than the top of the day.
