The SAND Crypto Price Looks Weak, What’s Next?

The Sandbox platform aims to bring blockchain-integrated technology to mainstream gaming.

It utilizes the amazing powers of decentralized autonomous organizations (DAOs) and non-fungible tokens (NFTs) to generate a delegated platform for a thriving gaming community.

Moreover, the platform has enabled a very innovative “play-to-earn” model, which even allows its users to be both creators and players synchronously.

The Sandbox avails blockchain technology by introducing the SAND utility token, which enables transactions on the platform. The gaming industry is a huge potential market for blockchain tech and Pixowl realized that in 2011.

Also, by creating an appealing and unbiased universe, where gamers can create from their creativity and even collect blockchain-based assets, it can be implied that the Sandbox aims to change the market.

In addition, unlike the globally known proof-of-work (PoW) consensus mechanism, which was used by the blockchain of Bitcoin, PoS does not need either huge amounts of electricity or even computing power to authenticate its users’ transactions.

Meanwhile, it relies on stakeholders with the largest holdings in SAND tokens. The PoS consensus mechanism enables a lot of different applications while still ensuring the security of staked funds.

Will Sandbox Crypto Continue With Yearly Bullish Pattern Or Slide With Current Trendline?

As per the price structure on the daily chart, it seems like the coin about to break out of the falling wedge pattern, which works as a bullish pattern. The breakout pushed the price up to $0.6500, but the SAND crypto had faced strong pressure from the upside for the downturn next, as the price slid from a critical level on the charts.

At press time, the SAND price is following the downward trendline on the daily chart. The CMP is at $0.5118 with an intraday surge of 1.99%.

Now, it seems like the SAND crypto is headed for a steep drop, as it has already met the resistance level and sliding since then onwards. It could fall to new lows from the current support zone if the pressure surges.

Therefore, the major support will be $0.3800, where it could slip next. On the flip side, the resistance could be $0.6500, depending on the buying pressure.

Furthermore, the SAND asset is demonstrating bearish weakness and downward momentum as it sinks below major 20, and 50-day EMAs.

The SAND asset is exhibiting bearish weakness as MACD is at 0.0065 with the histogram broadening downwards and the RSI is at 48.85 which is below 50, implying that the Sandbox asset is still in negative territory and could sink further.

Summary

The SAND price is following the downward trendline and decreasing with it on the daily chart. It is exhibiting bearish weakness as the histogram of MACD broadens downwards and the RSI is below 50 and can sink further down.

Technical Levels

Support Levels: $0.3800

Resistance Levels: $0.6500

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.