Sandbox failed to break out at $1.3 and came back to support
Price weakness stems from the general crypto mood and lack of sandbox development
Sand remains weak until potential price catalysts emerge
The sandbox token SAND/USD is likely to move to new highs as the price is hovering around $1.3. Price consolidated at resistance levels for weeks, but neither the bulls nor the bears won the battle. As most other cryptocurrencies were rising, it was expected that the bulls would eventually win. The bears seem to have taken control as the price declined to $1.03. This is a potential demand zone, but will buyers push the coin higher?
The sandbox doesn’t look promising at the current stage. Firstly, the sandbox is dependent on the recent momentum of the crypto sector. Right now the pace is weak. SAND could weaken further before sentiment improves. Secondly, construction projects on the metaverse have slowed down recently. Although a huge opportunity exists for the metaverse sector, investors are interested in current developments. The lack of clear fundamentals from the metaverse sector could be a setback for SAND’s short-term recovery.
The Sandbox token turned bearish in the market with a slide to the $1.03 support level
Source – TradingView
Technically, the sandbox is in a bearish state. The momentum indicator is showing that the price is extremely bearish at the key $1.03 support. There is no price action to show that the price is about to recover at the support. As a result, the sand is weak if the speed fails to improve rapidly. Investors should not buy the coin on support, but should watch the price action and the mood in the general area. If SAND loses the support at $1.03, the coin could drop to $0.85.
The sandbox coin remains weak at the $1.03 support level. Clear fundamentals and lack of momentum are a catalyst for further bear weakness.