The Sandbox token trades on the lowest degree within the yr
Santiment data signifies SAND is at “opportunity zones”
We anticipate the Sandbox token value to sink additional till the bear market subsides
It continues to be lonely within the metaverse. With few fundamentals and developments arising, buyers are nonetheless dumping the metaverse-related tokens. In the previous week, the token of the favored metaverse platform, The Sandbox (SAND/USD), has misplaced nearly 1 / 4 of its worth. Take into consideration that this cryptocurrency was already buying and selling at exceedingly depressed ranges. SAND now trades at $0.44, though Santiment data gave an “opportunity” sign. Would you take it?
Santiment is a crypto analytics agency recognized for data feeds and updates. According to the agency, tokens of metaverse platforms, together with SAND, are buying and selling at “opportunity zones.” The analytics agency makes use of the market-value-to-realised worth or MVRV to make the judgement. MVRV relates an asset market cap and compares it with the realised capitalization. The ensuing ratio is used to determine overbought and oversold situations.
Using MVRV, Santiment says the Sandbox token, as well as to Decentraland’s MANA, is at historic ache factors. These are underbought and semi-underbought zones the place large bounces happen. A technical outlook exhibits RSI flushing overbought situations on a transparent downtrend.
SAND on a downtrend because it touches a brand new low within the yr
From the technical outlook, SAND trades on the lowest degree within the yr. The backside value was final reached in July 2021. The cryptocurrency is at the moment oversold, with the RSI studying now at 30. SAND maintains a transparent downtrend.
Is a rebound probably for SAND?
It may very well be too quickly to consider buying SAND. Despite the Santiment data and RSI pointing to underbought and oversold situations, respectively, the worth is bearish.
Again, the market sentiment stays bearish. Since SAND trades alongside the broader market, it may very well be too early to make a bull name. SAND might discover help subsequent at $0.36.
Where to buy SAND
eToro
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Bitstamp
Bitstamp is a number one cryptocurrency alternate which presents buying and selling in fiat currencies or common cryptocurrencies.
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