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
Source – 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.
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.
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Ndasi Tata is a Bitcoin entrepreneur from Cameroon, who holds an M.Sc in Blockchain and Digital Currency from the University of Nicosia. He is an advocate of Bitcoin in Africa and uses various social media platforms to promote his ideas and ventures. Tata has a background in state journalism and has established himself as a significant figure in the Bitcoin community.