Sandbox’s SAND was resisted at the $1.3 stage.
The price is at the moment bearish however may very well be contained by the $0.9 help.
Investors ought to look ahead to a possible breakout.
$1.3 stays a key stage to look at for Sandbox’s native token SAND/USD. The metaverse token confirmed renewed hopes final month after leaping from a backside of $0.75. At the present buying and selling of $1.1, SAND is recovering, though a right away resistance holds it again.
Metaverse tokens such as SAND boomed final yr at the again of the development of digital actuality blockchains. This yr, exercise has slowed, though corporations are nonetheless displaying curiosity.
Citi strategists consider the metaverse financial system is $8 trillion to $13 trillion in addressable worth. With such big potential, metaverse tokens such as SAND stay viable for eager buyers. However, the latest bearish crypto sentiment has been a success for SAND. The weak point mustn’t concern a eager investor in search of long-term positive aspects. In the short-term, SAND eyes a breakout that buyers ought to monitor.
SAND trapped beneath $1.3 resistance and $0.9 help
Source – TradingView
Technically, SAND has been consolidating since May. The token’s established resistance is at $1.3, whereas the help is at $0.9. The price of the metaverse token has oscillated between these two areas for round 2 months. The stage is a crucial make-or-break zone for SAND as the cryptocurrency resists going decrease.
The MACD indicator is displaying a bearish sign. The line is about to cross beneath the shifting common to verify the bear transfer. The stage displays the present correction after the cryptocurrency was resisted at $1.3. The short-term 14-day and 21-day shifting averages are additionally above price. The present sentiment on SAND is bearish. Nonetheless, the correction may finish as soon as $0.9 help is reached.
Summary
Sandbox’s SAND is technically robust above $0.9 help. The $1.3 resistance holds the price again. A possible break above the $1.3 resistance would usher a contemporary bullish momentum.
