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- 1 The SAND crypto has performed well on the chart in the last quarter by 100.69%.
- 2 The SAND crypto rose 7.35% in the last 24 hours and was trading at $0.60450.
The Sandbox platform’s main objective is to bring blockchain-integrated technology to mainstream gaming.
It basically utilizes the wonderful powers of decentralized autonomous organizations (DAO) and non-fungible tokens (NFTs) to create a decentralized platform for a flourishing gaming community.
Moreover, The platform has enabled a very creative “play-to-earn” model, which even lets its users be both makers and players at the same time.
The Sandbox uses blockchain technology by launching the SAND utility token, which enables transactions on the platform.The gaming industry is a huge potential market for blockchain tech and Pixowl recognized that in 2011.
Also, By developing an attractive and non-biased universe, where gamers can make from their creativity and even collect blockchain-based assets, it can be inferred that the Sandbox aims to transform the market.
In addition, Unlike the globally known proof-of-work (PoW) consensus mechanism, which was used by the blockchain of Bitcoin, PoS does not need either huge amounts of electricity or even computing power to verify its users’ transactions.
Meanwhile, It depends on stakeholders with the largest holdings in SAND tokens. The PoS consensus mechanism allows for a lot of varied applications while still ensuring the security of staked funds.
What Could Be The Next Move of SAND Crypto on the Daily Chart?
The SAND price had been in a long declining phase from the beginning of 2023, when its price was nearly $0.95, and started to recover in October 2023. Based on the chart performance, The SAND crypto has performed well on the chart in the last quarter by 100.69%.
In addition, in the last week, the price has maintained the uptrend and increased 20.86%. That implies more possibility as the price is moving up despite the challenges in its upward trend on the chart.
At the time of publishing, the SAND crypto rose 7.35% in the last 24 hours and was trading at $0.60450.Moreover, It appears that the SAND crypto has regained its steam and could likely continue rising in the upcoming sessions.
Therefore, the Sandbox price could rise more from the current level in the next sessions.The Sandbox crypto asset has shown great strength keeping the price above the major EMAs.
Therefore, if the demand for the SAND grows more, then the next target for the SAND price will be $1.00000.On the contrary, if the SAND crypto price fails to stay above the $0.50000 level, it could drop more and breach the supporting EMA’s as well.
Summary
The Sandbox price could rise more from the current level in the next sessions, as price action on the chart seems strong.
The price is above major EMAs and it could boost as EMAs act as dynamic supports as well. Therefore, if the demand for the SAND grows more, the next target for the SAND price will be $1.00000.
Technical Levels
Support Levels: $0.50000
Resistance Levels: $1.00000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency 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.
