TL;DR Breakdown
- Sandbox price analysis remains bullish over Metaverse craze
- SAND/USDT closed a daily candle above $3 resistance
- A minor support is present at $3.18 and a major $2.37.
The Metaverse craze has fired up with the recent transformation of Facebook to Meta. While Metaverse is still in the beginning space, Sandbox is one of the most prominent projects of Web3.0. The Sandbox Metaverse is currently one of the popular Metaverses out there with the craze spreading like wildfire. In this article, we will discuss the Sandbox price analysis.
Sandbox has performed extremely well in the months of October and November, rising by 134% in October with a monthly high of $2.45 and a low of $0.6. For November, the prices are already up by 107% as of 6:47 PM UTC. The weekly chart shows a consecutive 5th weekly candle opening with bullish price action.
According to the data from CoinMarketCap, there was a 4.26% price change in the last 24-hours with a 35.55% increase in trading volume ($3.5 billion), leading to an all-time high of $3.61. Consequently, the market capitalization of the token rose by 1.45%, currently at $2.9 billion.
While currently, the entire market continues on a bearish rampage, Sandbox price analysis remains bullish. The excitement surrounding the announcement of The Sandbox Alpha was the reason for this bullish movement.
“The Sandbox Alpha is an open multi-week Play-to-Earn event starting on November 29 at 1 PM UTC, in which players will have the opportunity to explore The Sandbox Metaverse for the first time, through 18 experiences created by The Sandbox’s teams.”
said the announcement
Sandbox price analysis on the daily chart using technical analysis
The chart below shows that the 50-day and 100-day Moving Averages are currently progressing below the price movement, indicating a long-term bullish momentum. Furthermore, after the breakout from the upper end of the Bollinger Bands, prices cooled off, and now, the bulls further attempt to take the prices higher. The buyers are currently in control of the market.
The MACD indicator shows that the MACD line (the blue one) broke above the signal line (the orange one), leading to a bullish divergence. This proves that we will experience higher prices in the near future.
Conclusion
Our Sandbox price analysis is bullish for the day as the token continues to trade above key support levels and the Moving Averages continue to remain as support. The rising interest in the Sandbox Metaverse ahead of the launch of the Sandbox Alpha will push the prices higher following widespread adoption.
