The Sandbox Worth Prediction: SAND Faces Stiff Resistance At $0.84 

The Sandbox worth is buying and selling with a bearish bias at $0.7995, down 11.85% up to now 24 hours, making it the fourth greatest loser on Thursday. SAND has a 24-hour buying and selling quantity of $641.79 million at press time, which has declined 24.67% on the day. With a dwell market cap of $1.2 billion, the Sandbox is at #44, in accordance with CoinMarketCap ranking. 

Different cryptos main the declines on Thursday are SingularityNET (AGIX) which was the biggest loser with 19.51% losses within the final 24 hours, adopted by the Render Token (RNDR) and Optimism (OP) which had been down 17.53% and 12.44% respectively. Stream (FLOW) got here in fifth with 11.72% declines over the identical time-frame.

High Crypto Losers February 9

These altcoins had been following a marketwide decline led by the large crypto Bitcoin, down 2.22% on the day to commerce at $22,696. The now proof-of-stake (PoS) token Ether was buying and selling at $1,633, after dropping 2.25% within the final 24 hours.

Regardless of the continuing market correction, the SandBox worth nonetheless appeared sturdy with extra room for the upside. Nevertheless, bulls wanted to beat the roadblock at $0.84 to safe a sustained restoration.

The Sandbox Worth Upside Might Be Capped At $0.84

SAND is up greater than 54% up to now 30 days with 32% of those positive factors being recorded on February 7. This adopted the information that the Metaverse crypto firm had partnered with the Saudi Arabia Digital Authorities Authority (DGA), signing an MoU that enables each entities to share and have interaction in benefiting from the Metaverse and the underlying know-how. 

Regardless of these optimistic fundamentals, the Sandbox worth continues to be 90% under its $8.49 all-time excessive (ATH) reached on November 28, 2021. 

The Transferring Common Convergence Divergence (MACD) indicator had simply despatched a name to buy SAND. This occurred on February Eight when the 12-day Exponential Transferring Common (EMA) crossed above the 26-day EMA, indicating power amongst the consumers. The transferring averages had additionally offered a bullish cross when the 50-day Easy Transferring Common (SMA) (yellow line) crossed above the 100-day SMA (pink), a sign that the uptrend was sturdy.

Regardless of this bullish outlook from the technical indicators, the token was buying and selling in a second straight bearish session with the Relative Power Index (RSI), although within the optimistic area, was going through down. This indicated that the bears had been taking management of the market and had been decided to frustrate the uptrend. 

SAND/USD Every day Chart

Even when the worth might flip up from the present ranges, it will be met by aggressive promoting from the $0.817 and $0.867 provider congestion zone. Word that the worth was turned down from this degree in November after the FTX fiasco sell-off despatched SAND tumbling 62% to the $0.37 swing low. 

The stiffness of this barrier was corroborated by on-chain metrics from IntoTheBlocks In/Out of the Cash Round Worth (IOMAP) mannequin. In line with the IOMAP chart under, this space is across the $0.84 resistance degree the place 17.56 million SAND had been beforehand purchased by roughly 5150 addresses. 

SAND IOMAP Chart

Any try and push the worth above this degree may very well be met by immense promoting from this cohort of traders who might need to break even. As such, although SAND appears sturdy, its upside is capped across the $0.84 area, for the quick time period.

On the draw back, the continuing correction might lengthen the losses producing a every day candlestick shut under the 200-day SMA sitting at $0.7936 with the primary line of protection rising from the $0.7013 assist degree. A drop additional might see the Sandbox worth revisit the $0.6119 foothold, the place the 50-day and 100-day SMAs appeared to converge. Market members might anticipate bulls to take a breather right here earlier than initiating one other restoration.

Alternate options To SAND

Moreover the Sandbox, there are other projects within the Metaverse with the potential to blow up in 2023 with promising returns for early traders. One such venture is RobotEra, a platform that permits you to be transported to the planet of Taro and transformed right into a robotic. The robotic armies fought a devastating battle in opposition to the natives, destroying their land. The robots’ victory got here at a excessive value to Earth, and the gamers should use each obtainable useful resource to assist reconstruct the world.

The native token of the community, TARO, is at the moment in what’s “already dubbed as one of many hottest presales of 2023” with over $837,000 raised thus far.

Historical past is being made! 🌍#Indonesia is launching the world’s first government-backed #cryptoexchange

Prepare for a revolution in digital foreign money!$TARO is already dubbed as one of many hottest presales of 2023 🔥

Be taught extra ⬇️https://t.co/BAR0I5LNtV#P2Egaming #Presale

— RobotEra (@robotera_io) February 7, 2023

Go to RobotEra to seek out out extra about the best way to take part within the ongoing presale.

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