The Sandbox has partnered with football star Kun Aguero to attract fans into the metaverse but could that lead to surge in the price of SAND?
SAND, the native of The Sandbox metaverse, is down by more than 2% in the last 24 hours.
The poor performance coincides with that of the broader cryptocurrency market. The total crypto market remains above $950 billion despite losing less than 1% of its value in the last 24 hours.
Bitcoin, the world’s leading cryptocurrency, has dropped below the $20k level once again after losing 0.7% so far today, Ether is also down by less than 1% so far today but continues to trade above $1,300.
SAND’s poor performance comes despite The Sandbox announcing its partnership with Premier League legend Sergio Kun Aguero.
⚽ AGÜEROOOOOOO ⚽
Delighted to welcome none other than @aguerosergiokun to The Sandbox! 🤝 The 𝘒𝘶𝘯𝘪𝘷𝘦𝘳𝘴𝘦 will hold football-themed games, dancing and many more surprises!
Stay tuned for more… pic.twitter.com/ewj71bAPEf
— The Sandbox (@TheSandboxGame) October 6, 2022
The Sandbox added that the first version of Kuniverse will be released on November 6th and will take the form of a huge stadium with football-themed games, dancing, and even a food truck with Argentinian food, among other experiences.
Key levels to watch
The SAND/USD 4-hour chart remains bullish despite The Sandbox underperforming over the last few hours.
The MACD line remains above the neutral zone, indicating that The Sandbox market is positive. The 14-day relative strength index of 49 shows that SAND is not yet in the oversold region despite underperforming today.
At press time, SAND is trading at $0.8452 per coin. If the bearish trend continues, SAND could drop below the $0.8118 resistance level before the end of the week.
Unless the bulls regain control of the market, SAND could drop towards the $0.7452 support level for the first time since July.
The bulls might regain control and push SAND towards the $0.9257 resistance level in the near term. However, the second-major resistance level at $1.0599 should be hard for the bulls to overcome over the next few hours or days.