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- 1 The SAND token is built on the Ethereum blockchain and secured by a POW consensus mechanism
- 2 The 150-Day EMA gave support to the bullish investors after the 50-Day EMA broke.
The Sandbox is a world-building game where players can acquire virtual land and create structures on it. The game developer, Animoca Brands, is currently working on a blockchain-based version called The Sandbox Metaverse.
It has a virtual economy that allows users to create and trade objects as NFTs through a proprietary game store. SAND is an ERC-20 utility token that enables players to build, own, and monetize their gaming experience. The integration of SAND with The Sandbox game platform is what gives the cryptocurrency its value and unique benefits.
The SAND token is built on the Ethereum blockchain and secured by a Proof of Stake consensus mechanism that doesn’t require huge amounts of electrical power or specialized computer gear to validate transactions.
Theoretically, this validation mechanism is more secure than the Proof of Work validations created by miners because validation is potentially secured by a larger group of users, not just those engaged in mining.
The Sandbox’s Game Maker application enables creators to build games on LAND that they have purchased or leased from stakeholders without writing a single line of code.
Creators can charge SAND to users who want to play the games they create within The Sandbox and even implement “play to earn” games in which community members earn SAND tokens by achieving milestones in gameplay.
The SAND token is listed on public exchange sites and can be traded for crypto or fiat currencies quite readily, with the value being determined by economic forces of supply and demand.
However, its usefulness within The Sandbox’s virtual economy, the quality of games and ASSETs, the scarcity of LANDs, and other game-related factors are likely to have more impact on the value of the tokens than the market factors at trading platforms.
SAND Token Technical Analysis & Price Prediction
The SAND coin has seen a rise in price since the start of November 2023 reaching $0.680 by the end of December. At press time, the SAND price has fallen below its trend line. The resistance level is at $0.5936, and the 50-Day EMA is at $0.49.
However, the bears have taken control and the SAND coin price has slipped below the 50-Day EMA but the 150-Day EMA has come to the rescue. If the bullish investors can surpass the current resistance level, their next target could be $0.7058
This prediction is supported by the bullish crossover between the 50-Day and 150-Day EMAs, which occurred when the bulls were showing slight strength at the start of December. The current price action suggests that this bullish trend will continue.
Conclusion
SAND token uses the Ethereum blockchain with a Proof of Stake consensus mechanism. The 150-Day EMA is supporting the price as it slips below the 50-Day EMA. The technical analysis suggests the continuation of the uptrend.
Technical Levels
- Support Levels: $0.4439 and $0.3648
- Resistance Levels: $0.5936 and $7058
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
