- The Sandbox price analysis is highly bullish today.
- The Facebook effect is still in play.
- The nearest support for SAND is found at $1.16.
The Sandbox price analysis reveals the SAND/USD is still racing high after capping at $1.8 yesterday. The Sandbox got into bullish mode on 28th October and made the highest jump yesterday on 30th October. Today again, the SAND/USD continues upside aggressively.
The effect of Facebook renaming to Meta has taken all metaverse tokens to the moon, with MANA leading the race, as MANA showed nearly 350 percent improvement in value in just under three days. But as the metaverse tokens are now retracing, including MANA, The Sandbox still continues to race higher.
SAND/USD 1-day price chart: The Sandbox continues upside
The 1-day price chart for The Sandbox price analysis shows the SAND/USD is aggressively bullish today as well, and yet no slow down has been observed, as the SAND/USD trades hands at $1.95 at the time of writing. The Token reports a massive gain of 85 percent over the last 24 hours only and around 161 percent gain in value over the course of the last seven days. The market cap for the token increased by 76 percent as the trading volume also surged enormously by 561 percent over the last 24 hours, which indicates the interest in the Token from market players.
The volatility indicator is unable to cope up with the high surge in price as it shows vast expansion, but the price of SAND continues to trade far above the upper limit of the indicator, the Bollinger bands. The upper limit of the volatility indicator at the $1.5 mark shows technical support for SAND/USD after the first inline support of yesterday’s price level at $1.8.
The relative strength index (RSI) entered the overbought region on 28th October and continues to remain in the overbought zone at index 88. The RSI has now taken a turn from its steep upwards angle and may make a turn back, giving a sell call anytime.
The Sandbox price analysis: Recent developments and further technical indications
The 4-hour Sandbox price analysis shows the token price was going up for more than 24 hours continuously, but during the recent hour, the Token has started retracing after hitting above the psychological mark of $2.0 as the selling pressure has brought the price down to $1.89 recently.
The volatility on the 4-hour chart is also high, with the upper band of the Bollinger bands at $1.95 now representing the resistance for SAND/USD, as the price has stepped below the upper limit of the indicator. The moving average (MA) is also trading below the price level at $1.50, and the RSI has also taken a downturn. The RSI is still in the overbought region but shows a selling activity in the market for the SAND/USD pair.
Overall the technical indications for the SAND are highly bullish despite being at such a higher price level, as out of a total of 26 technical indicators, 16 still signals at buying options, and only one signals at selling option. However, nine technical indicators stand neutral and do not favor any side of the market.
The Sandbox price analysis: Conclusion
The Sandbox price analysis, as said above, is highly bullish in reaction to Facebook’s effect. However, chances for a retracement are evolving, as the 4-hour chart also suggests. After showing wonderful performance for the last three days, traders should expect the SAND/USD to continue retracing in the coming hours.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.