TL;DR Breakdown
- SAND price analysis turned bearish for today
- The nearest resistance witnessed at $7.6 remains unbroken
- The support zone is present at $6.6, which is still distant
The Sandbox token is an extremely sought-after metaverse token. The anticipated launch of the Sandbox Alpha is finally here that has driven the prices quite high in the past few days. The launch of the game put a heavy load on the servers, and according to the official Twitter handle, the developers are working on the fix.
SAND price analysis continues to remain bullish in the long term, with a 352% surge in the month of November. This bullish month was preceded by October, during which prices rose by another 134%.
The SAND token is one of the most promising metaverse tokens, which has shown prominent bullish signs. In the week ending Dec 29, the prices rallied more than 80%, ending the weekly candle at $7.5.
SAND price analysis using indicators
The technical indicators show a complete bullish picture for The Sandbox token, which has launched the Sandbox Alpha. The 50-day and 100-day Moving Averages are currently way below the price movement. This means that the long-term analysis shows an uptrend for the token.
On the other hand, the prices broke out from the upper end of the Bollinger Bands multiple times in the past, and when it comes to the current scenario, the prices continue to progress in the upper region of the Bands.
The chart below shows that investors are still accumulating the SAND token. The accumulation graph is rallying upwards while the volume for the price action remains high. This means that we might continue to witness an uptrend in the short term.
On the other hand, the On Balance Volume line is making higher peaks, and the price trend is continuing to do the same. Also, we can see the formation of higher lows as well on both of them. This concludes that the uptrend continues in the short term
Conclusion
The SAND price analysis is still bullish, and the current 5% drop is just a correction from the gains experienced in the recent few days. The correction is a good buying opportunity as based on our analysis, and the token is still following a bullish upward trajectory.
