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- The SAND prices have maintained stability for the past week.
- Trading volume has moved up minutely by 16.5%.
- Approaching conditions of Covid return can boost prices.
The Virtual Reality (VR) platform, Sandbox has always been the shining star of the metaverse industry. New collaborations and fascinating facilities like Gucci vault, Warner Music Group, Gemini exchange, Coin Market Cap, etc., are the highlights of the platform, which operates on play-to-earn (P2E) protocol.
Amid the rising situations of isolation due to the rise of Covid cases again, these facilities can catch users’ eye and help Sandbox boost. In response to this, the SAND token plans to surge. To avail the facility of virtual meetings, concerts, and events, users may stash SAND tokens, and as a result, prices may rise.
Monoscopic view
The analysis of SAND suggests that the price has been forming a falling parallel channel, with current price action taking place near the half line. All crucial EMAs float above the current price of $0.44. If the prices successfully sustain above the 20-EMA, it may establish a bull run. If the pattern is followed and prices breach the 50-EMA, it can rally and reach price levels of $0.95. The combined study of volume and OBV supports the prediction of a price rally, as it reflects positive pressure.
The indicators show the retraced movement of price. The CMF indicator moves akin to the baseline but remains positive and plans to slope up again. The MACD indicator nears the convergence and may turn buyer-dominant again. The RSI lays flat near the floor range, suggesting a rise from this point.
Microscopic view
The smaller time frame study suggests that the prices are consolidating and may rise anytime soon. The CMF holds a spot in the upper ranges of the positive region, showing an uptick. The MACD currently is neutral but may witness crowding by the buyers. The RSI indicator reaches the half line and suggests a gradual rise in buying interest.
Conclusion
Sandbox’s native token, SAND, is striking users’ interest and suggests itself as an interface of the Web3 and metaverse industry. The futuristic approach and elite use cases help the platform to gain popularity, and the SAND token shows positive sentiments in response. Investors can trust the $0.28 support zone to enter the market.
Technical levels
Support levels: $0.28 and $0.04
Resistance levels: $0.95 and $1.37
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
