The SAND price fell at the beginning of June 2023 and formed support at $0.3680 and entered an uptrend, forming higher lows. The cryptocurrency price surged roughly 32% and formed a high of $0.4862 on 14 July 2023. The move was halted after the formation of a high as the price faced strong rejection.
Recently, The Sandbox price broke the uptrend and has formed support at the $0.4250 level. The previous candle closed bullish and the current candle is striving to rise above the high of the previous candle.
If bears take control and push the price below $0.425 support, it might melt down towards the $0.40 level causing a downfall of 4.88%. On the other hand, if support can hold the price and there is increased participation of bulls in the market, it might retest the resistance level of $0.4580.
The Sandbox Second Quarter Results
The Sandbox observed an increase in nominal activity around NFT mints of 59%, total primary sales of 52%, and total active buyers of 22%. The gaming metaverse partnered with several brands like Marathon City, Cipriani, Paris Hilton, Warner Music, Metafight, and Playground during the second quarter.
The Sandbox roadmap for the current year includes the release of new features which has the ability to self-publish experiences on the map by the end of Quarter 3. It will also allow users to develop Estates and rent/lease Lands and Estates by the end of Quarter 4.
The second quarter has been tough for Sandbox as the revenue fell by 15%, staking rewards are down and the price also witnessed a sharp drop.
British Museum, an art and cultural museum located in England, has partnered with The Sandbox to create its own NFT collection with museum licensing partner, the French venture, LaCollection.
Will SAND Price Fall Below $0.40 Level?
The relative strength index has dropped below the 50 mark and trades at 47.90 denoting that the price is in neutral territory with the possibility of consolidation. Chaikin money flow (CMF) score is 0.11 suggesting strength in the price.
CMF has not dropped below the 0 mark since the start of July 2023. The cryptocurrency price is trading below 20, 50, 100, and 200-day EMAs implying that the price possesses bearish momentum.
The Bollinger bands have also contracted indicating decreasing volatility in the market. The long/short ratio is 0.88 with 47.07% longs and 52.93% shorts signifying a higher pressure from the selling side in the last 24 hours.
Conclusion
The market structure and price action of The Sandbox have turned bearish after it broke the upward channel. Technical indicators suggest that the price is slowly losing strength.
Technical Levels
- Major support: $0.40 and $0.3680
- Major resistance: $0.458 and $0.483
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/29/the-sandbox-price-prediction-messari-releases-quarterly-report/