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- New metaverse devices flourishing in the market.
- Metaverse’s future looks bright.
- The price rose by more than 16% in the past week.
The metaverse industry is booming with everyday new innovations. These upgrades aim to enhance the experience of the interactor with tech-enabled devices that provide something of value. Devices like Meta’s Quest Pro, HTC’s Vive, and Apple’s VR goggles, will provide the users with one of a kind experience.
Metaverse platforms, like Sandbox, will undoubtedly boom as they are constantly working to enhance their metaverse platform. Various collaborations have already joined the platform to get the first-mover advantage.
Microscopic view
The prices have formed a falling parallel channel with current price action reaching the upper half in the channel. The 20 and 50 EMA are claimed with the rally in the prices. Trading volume shows tall bars that display bulky buying. Consequently, the OBV shoots up showing positive emotions for the SAND. If the price sustain above the breakout level of $0.55, a bull run reaching near $0.83, can be established.
The CMF rises to the positive zone to show the price surge in SAND. The MACD records ascending buyer bars as the lines diverge for the bulls. The RSI reaches for the higher ranges to display buyer influence. The study suggests prices to rise further in the near term.
Monoscopic view
The closer time frame analysis shows prices to steadily rise, taking breaks at regular intervals. The CMF, to show the sideways movement, slips down to the zone below the baseline. The MACD records active sellers among the devoted buyers that are booking profits. The RSI also falls to the range of 50-60 to show declining buyer influence. The study suggests prices may take their sweet time to rally as eventually the developments in the metaverse will occur.
Conclusion
The market is set to rise following the evolution in the metaverse space that will constantly require upgradation and ensure a blissful experience. SAND, due to being a popular metaverse platform, may match the rise of the industry and provide holders golden returns. Holders may keep an eye on the breakout zone of $0.55 for further rally.
Technical levels
Support levels: $0.37 and $0.25
Resistance levels: $0.87 and $0.98
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes 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.
