Sandbox token trades at lowest level in years
Sentiment data indicates Sands is in an “opportunity zone”
We expect the Sandbox Token price to drop further until the bears subside
It continues to be lonely in the Metaverse. With some fundamentals and growth coming to the fore, investors are still dumping it Tokens belonging to the Metaverse, Over the past week, the token of the popular Metaverse platform, The Sandbox (SAND/USD), has lost almost a quarter of its value. Bear in mind that this cryptocurrency was already trading at extremely depressed levels. Sand is now trading at $0.44, although sentiment data indicated an “opportunity”. would you take it
Sentiment is a crypto analytics firm known for its data feeds and updates. According to the company, the tokens on the Metaverse platform, including SAND, are trading on the “Opportunity Zone”. Analytics firms use market-value-to-realized value, or MVRV, to make decisions. MVRV is related to an asset’s market cap and compares it to the real capitalization. The resulting ratio is used to identify overbought and oversold conditions.
Using MVRV, Sentiment says the sandbox token, in addition to Decentraland’s MANA, is at historical pain points. These are the underbought and semi-underbought zones where big bounces happen. From a technical perspective, the RSI is showing that it is reducing overbought conditions in a clear downtrend.
Sand is on a downtrend as it touches a new low in the year
From a technical point of view, sand trades at the lowest level in the year. The bottom price was last reached in July 2021. The cryptocurrency is currently oversold, with the RSI reading now at 30. Sand maintains a clear downtrend.
Is there potential for a rebound for Sands?
it’s too early to think buy sand, The price is bearish, despite sentiment data and RSI pointing to underbought and oversold conditions, respectively.
Once again the market sentiment remains bearish. Since Sand trades in tandem with the broader market, it is too early to make a bull call. SAND may find the next support at $0.36.
where to buy sand
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