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The Sandbox token gained an intraday 7% and 14% in a week
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The cryptocurrency has been hit laborious by a slowdown in metaverse exercise
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SAND faces rejection at the descending trendline
The Sandbox price (SAND) rose by greater than 7% on Monday, extending the weekly beneficial properties to just about 14%. The restoration got here amid a extended bear market and restricted exercise in the metaverse. But how far can the Sandbox token maintain the restoration?
SAND trades at $0.62, a important drop from its all-time excessive of $8.5 in November 2021. The decline has been fueled by a extended crypto improvement and a slowdown in metaverse exercise. As the crypto sector recovers and extra corporations enter the nascent virtuality actuality house, SAND can be again to a rally. But that’s in the long run. The short-term exhibits that the Sandbox token might proceed rising, however bulls will face a main take a look at at the descending trendline.
SAND value evaluation and outlook as momentum improves
From the chart under, SAND has been buying and selling on a system of decrease lows and decrease highs. That has resulted in the formation of a descending trendline.
The RSI has shifted above the midpoint for the first time since November 9. A bullish MACD crossover was initiated just lately, in keeping with the bettering momentum. However, the MACD stays under the impartial level.
What subsequent for SAND?
The short-term rally in the Sandbox token is more likely to be sustained in the brief time period. To affirm a sustained surge, the token should overcome the descending trendline. If contemplating buying SAND now, watch out for a potential rejection at or close to the descending trendline.
On the flipside, if SAND rises above the descending trendline, the subsequent potential stage to look at can be $0.93.
Where to purchase SAND
eToro
eToro provides a big selection of cryptos, reminiscent of Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro customers can join with, study from, and replica or get copied by different customers.
Bitstamp
Bitstamp is a main cryptocurrency alternate which provides buying and selling in fiat currencies or widespread cryptocurrencies.
Bitstamp is a absolutely regulated firm which provides customers an intuitive interface, a excessive diploma of safety to your digital belongings, wonderful buyer help and a number of withdrawal strategies.
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