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Sandbox token rejected at $1.3. What next as the price dips again?

ByNdasi Tata

Jul 13, 2022
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1642704990374 fbdffff3 8761 4a56 b4e9 c85bca9e3b79

  • Sandbox’s SAND was resisted at the $1.3 level.

  • The price is currently bearish but could be contained by the $0.9 support.

  • Investors should watch for a potential breakout.

$1.3 remains a key level to watch for Sandbox’s native token SAND/USD. The metaverse token showed renewed hopes last month after jumping from a bottom of $0.75. At the current trading of $1.1, SAND is recovering, although an immediate resistance holds it back.

Metaverse tokens such as SAND boomed last year at the back of the growth of virtual reality blockchains. This year, activity has slowed, although firms are still showing interest.

Citi strategists believe the metaverse economy is $8 trillion to $13 trillion in addressable value. With such huge potential, metaverse tokens such as SAND remain viable for keen investors. However, the recent bearish crypto sentiment has been a hit for SAND. The weakness should not concern a keen investor looking for long-term gains. In the short-term, SAND eyes a breakout that investors should monitor.

SAND trapped below $1.3 resistance and $0.9 support

1657659624772 78cfe086 fe45 43d6 ae86 a403fe2ed798Source – TradingView

Technically, SAND has been consolidating since May. The token’s established resistance is at $1.3, while the support is at $0.9. The price of the metaverse token has oscillated between these two regions for around 2 months. The level is a critical make-or-break zone for SAND as the cryptocurrency resists going lower. 

The MACD indicator is showing a bearish signal. The line is about to cross below the moving average to confirm the bear move. The level reflects the current correction after the cryptocurrency was resisted at $1.3. The short-term 14-day and 21-day moving averages are also above price. The current sentiment on SAND is bearish. Nonetheless, the correction could end once $0.9 support is reached.

Summary

Sandbox’s SAND is technically strong above $0.9 support. The $1.3 resistance holds the price back. A potential break above the $1.3 resistance would usher a fresh bullish momentum.

The post Sandbox token rejected at $1.3. What next as the price dips again? appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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