The Sandbox price adds a weekly 14%: is the cryptocurrency now bullish?

The Sandbox price adds a weekly 14%: is the cryptocurrency now bullish?

By Motiur Rahman - min read
  • The Sandbox token gained an intraday 7% and 14% in a week

  • The cryptocurrency has been hit hard by a slowdown in metaverse activity

  • SAND faces rejection at the descending trendline

The Sandbox price (SAND) rose by more than 7% on Monday, extending the weekly gains to nearly 14%. The recovery came amid a prolonged bear market and limited activity in the metaverse. But how far can the Sandbox token sustain the recovery?

SAND trades at $0.62, a significant drop from its all-time high of $8.5 in November 2021. The decline has been fueled by a prolonged crypto development and a slowdown in metaverse activity. As the crypto sector recovers and more firms enter the nascent virtuality reality space, SAND will be back to a rally. But that is in the longer term. The short-term shows that the Sandbox token could continue rising, but bulls will face a major test at the descending trendline.

SAND price analysis and outlook as momentum improves

From the chart below, SAND has been trading on a system of lower lows and lower highs. That has resulted in the formation of a descending trendline. 

SAND/USD Chart by TradingView

The RSI has shifted above the midpoint for the first time since November 9. A bullish MACD crossover was initiated recently, in line with the improving momentum. However, the MACD remains below the neutral point.

What next for SAND?

The short-term rally in the Sandbox token is likely to be sustained in the short term. To confirm a sustained surge, the token must overcome the descending trendline. If considering buying SAND now, beware of a potential rejection at or near the descending trendline.

On the flipside, if SAND rises above the descending trendline, the next potential level to watch would be $0.93. 

Where to buy SAND

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Bitstamp

Bitstamp, established in 2011, is a pioneer in the cryptocurrency exchange world, offering a secure and straightforward platform for trading a variety of digital currencies. It’s known for its user-friendly design, robust security measures, and global reach, making it a preferred choice for crypto traders worldwide.