SAND is a cryptocurrency that operates on the Ethereum blockchain and is designed to facilitate transactions within the virtual world of The Sandbox. The Sandbox is a decentralized gaming platform that allows users to create, share, and monetize their own gaming experiences using blockchain technology. The SAND token is the native currency of The Sandbox, and it is used to purchase virtual land, assets, and experiences within the platform. It also serves as a means of exchange between players and developers, and as a reward for contributing to the ecosystem. Sandbox has recently faced a data breach which allowed hackers to gain the email access of users. While the breach was limited SANDBOX has informed their users about the mail and said them to remain alert about the mail
The Sandbox has a market cap of $800 Million and is ranked 53rd in the cryptoverse.It is down by more than 98% from its all time high. Volume of the SAND has seen a gain of 33% in the intraday session.
Bears Are Pushing The SAND Down
The weekly technical chart of the The Sand Box suggests a downside trend in price. It has been struggling to maintain an upside trend. SAND price may see a loss of more than 50% value in the future. On the daily chart it is trading near the value of $0.566 with a drop of 7% in the intraday session. Resistance of the SAND can be seen near $0.8. Meanwhile the support of the asset price can be seen near $0.4.There is a downside parallel channel formed which can push the asset price to a new low in future.
It is trading below the 50 and 100 Daily Moving Average with a negative crossover.’
RSI of the SAND is currently near 29 suggesting its presence in the oversold zone. There is a downside slope suggesting a downside momentum in price
Conclusion
The Sandbox has recently seen a data breach where the email of the users got hacked. It is in downside parallel channel but can see a trend reversal. Various analysts are expecting a bearish momentum in future.
Technical Levels
Major Support:$0.4
Major Resistance:$0.8
