The Sandbox token gained an intraday 7% and 14% in a week
The cryptocurrency has been hit exhausting by a slowdown in metaverse exercise
SAND faces rejection at the descending trendline
The Sandbox value (SAND) rose by greater than 7% on Monday, extending the weekly features 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 important 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 corporations enter the nascent virtuality actuality area, SAND shall be again to a rally. But that’s in the long run. The short-term exhibits that the Sandbox token may proceed rising, however bulls will face a main check at the descending trendline.
SAND value evaluation and outlook as momentum improves
From the chart under, 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.
SAND/USD Chart by TradingView
The RSI has shifted above the midpoint for the first time since November 9. A bullish MACD crossover was initiated lately, in step with the enhancing momentum. However, the MACD stays under 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 shopping for 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 observe can be $0.93.
Where to purchase SAND
eToro
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Disclaimer
Bitstamp
Bitstamp is a main cryptocurrency change 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 on your digital belongings, wonderful buyer assist and a number of withdrawal strategies.
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