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Sandbox Token Gains 7% in One Week and 14% Intraday
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Cryptocurrency Has Been Hit Hard by Slowdown in Metaverse Activity
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SAND faces rejection on a descending trendline
sandbox price (SAND) rose more than 7% on Monday, bringing weekly gains to nearly 14%. The recovery came amid a prolonged bear market and limited activity in the metaverse. But how far back can the sandbox sustain token recovery?
SAND is trading at $0.62, well below its all-time high of $8.5 in November 2021. This decline comes on the back of a prolonged slowdown in crypto growth and metaverse activity. As the crypto sector recovers and more companies enter the nascent virtual reality space, SAND will be back in a rally. But it is in the long term. The short-term suggests that the sandbox coin may continue to rise, but bulls will face a major test on a descending trend line.
outlook as sand price analysis and speed improvement
From the chart below, SAND is trading on a system of lower lows and lower highs. This has resulted in the formation of a descending trend line.
The RSI has moved above the midpoint for the first time since November 9th. A bullish MACD crossover was recently triggered in line with the momentum of the correction. However, the MACD remains below the neutral point.
What next for Sand?
The short term rally in the sandbox token is likely to sustain in the near term. To confirm a sustained uptrend, the coin needs to surpass a descending trendline. consider if buy sand Now, beware of possible rejection at or near the descending trendline.
On the flipside, if SAND rises above the descending trendline, the next possible level to watch would be $0.93.
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