The Sandbox token gained an intraday 7% and 14% in a week
The cryptocurrency has been hit laborious by a slowdown in metaverse exercise
SAND faces rejection at the descending trendline
The Sandbox price (SAND) rose by greater than 7% on Monday, extending the weekly positive aspects to almost 14%. The restoration got here amid a extended bear market and restricted exercise in the metaverse. But how far can the Sandbox token maintain the restoration?
SAND trades at $0.62, a vital drop from its all-time excessive of $8.5 in November 2021. The decline has been fueled by a extended crypto growth and a slowdown in metaverse exercise. As the crypto sector recovers and extra companies enter the nascent virtuality actuality area, SAND can be again to a rally. But that’s in the long term. The short-term reveals that the Sandbox token may proceed rising, however bulls will face a main check at the descending trendline.
SAND worth evaluation and outlook as momentum improves
From the chart beneath, SAND has been buying and selling on a system of decrease lows and decrease highs. That has resulted in the formation of a descending trendline.
The RSI has shifted above the midpoint for the first time since November 9. A bullish MACD crossover was initiated lately, according to the bettering momentum. However, the MACD stays beneath the impartial level.
What subsequent for SAND?
The short-term rally in the Sandbox token is prone to be sustained in the brief time period. To affirm a sustained surge, the token should overcome the descending trendline. If contemplating buying SAND now, watch out for a potential rejection at or close to the descending trendline.
On the flipside, if SAND rises above the descending trendline, the subsequent potential degree to look at could be $0.93.
Where to purchase SAND
eToro
eToro gives a big selection of cryptos, equivalent to Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro customers can join with, study from, and duplicate or get copied by different customers.
Bitstamp
Bitstamp is a main cryptocurrency alternate which gives buying and selling in fiat currencies or in style cryptocurrencies.
Bitstamp is a absolutely regulated firm which gives customers an intuitive interface, a excessive diploma of safety in your digital belongings, wonderful buyer assist and a number of withdrawal strategies.
