SAND jumps 10% to $0.72

The Sandbox price moves at the same time as the rest of the market despite an increase in negative sentiment regarding the state of metaverse projects and crypto-based games. During the last 30 days, the value of sand has increased by 50.5%reflecting that investors are betting on the market’s bullish wave to take a significant 91.8% correction from the all-time high of $8.40.

SAND price performance over the weekend was as expected – bullish, peaking at 10% up to trade at $0.72 at the time of writing. The bullish outlook for the price of Sandbox has the potential to reach $1.50 in the coming days, but the value must first break the resistance at $0.75.

Sandbox pricing turns green amid Game Maker 0.8 announcement

The upward price outlook for The Sandbox can be partially attributed to the recently announced Game Maker release. a platform that allows users to “design, test and share experiences, like games” in the ecosystem.

Users are eagerly waiting for Game Maker version 0.8which will launch with “new features in multiplayer, lighting and visual effects, video and audio streaming, wearables and social hubs,” the development team said.

“Players will be able to compete against each other, survive together and interact in all new ways. From multiplayer races to parkour and obstacle courses, creators will have the ability to deliver experiences of action-packed for their players,” the team said. on Twitter.

Sandbox hopes to stay competitive in the metaverse and play-to-win (P2E) arena with the release of “new lighting and visual effects, enabling more immersive experiences.” With this, The Sandbox will come one step closer to “making the metaverse a destination for networking and socializing with people around the world.”

The upward trend in the price of Sandbox may be halted before another rally

The daily chart highlights the increase in seller congestion below $0.75, highlighted by the downtrend line (dashed). It is essential that SAND gathers enough liquidity before attempting a new exit targeting the high above $1.00. Keep in mind that there will be further hurdles as seen in supply zone 1 (immediate gray band) and supply zone 2 (upper gray bar) around $1.50.

Sandbox Price
SAND/USD Daily Chart

That said, the MACD (Convergence and Divergence of Moving Averages) indicator confirms the growing position of the bulls in the market. Note the MACD (blue line) above the signal line, in addition to the entire momentum indicator holding above the average line (0.00).

If the Sandbox price pulls back, perhaps due to some investors taking early profits, the support provided by the 100-day exponential moving average (EMA) (in blue) at $0.6324 will help. The pullback could offer already locked-in investors a chance to ride the rocket ahead of another rally toward $1.00 and $1.50, respectively..

In case the short traders become more aggressive, the Sandbox price will seek the support of the 50-day EMA (in red) at $0.5377. A bounce from here or the downtrend channel could push SAND well above $1.00.

The main basics behind Rally Price Sandbox

According to insights from blockchain data presented by IntoTheBlock, a leading on-chain analytics platform, bullish traders are more aggressive than bearish ones. In the chart below, we can see the volume trend line sloping away from the average line.

Sandbox’s price rise is supported by 37.44M bullish traders vs 26.89M bearish traders. It is a difference of 10.54 million that positively affects the SAND trend.

Sandbox Price
Sandbox: Graph of buyers and sellers

Other on-chain data from IntoTheBlock shows that buyers are holding the reins and this The sandbox has a higher probability of extending the uptrend than reducing the profits made. Based on the IOMAP pattern, shown in the chart below, more investors are ready to support the rally above $1.00.

About 2,800 addresses have previously bought 49.44 million SAND tokens at about $0.63, which coincides with the 100-day EMA support. In other words, if the price of Sandbox pulls back from $0.72, this large area of ​​buyer congestion would force a pullback, supported by an increase in the number of bullish investors.

Sandbox Price
IOMAP Sandbox Model

On the upside, the SAND faces relatively low levels of resistance, the strongest now stands at $0.7791, where 2600 addresses bought 17.32 million tokens. The Sandbox price needs only a small push to clear the bearish sellers’ blocking zones towards $1.00 and $1.50, respectively.

Interested traders can purchase Sandbox and take advantage of the surge which should reach $1.00 in a few days and $1.50 in the next few weeks. However, investors may want to look at Meta Masters Guild (MEMAG) for its best risk-reward potential. For more details on MEMAG, follow the link below.

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