sandbox price rising in tandem with the rest of the market Against instilling negative feelings about the state of the Metaverse and gaming crypto projects. Over the past 30 days, SAND has gained a whopping 50.5% in value as investors bank on a bullish wave in the market to reclaim a massive 91.8% correction from its all-time high of $8.40.
Sand price performed as expected over the weekend – bullish, rising 10% to trade at $0.72 at the time of writing. The bullish outlook in the sandbox price is likely to reach $1.50 in the coming days, but first, the bulls must clear the $0.75 resistance.
Sandbox price turns green amid build up to Game Maker 0.8
The bullish outlook in The Sandbox price can be partially attributed to the recently announced version of Game Maker, a platform that allows users to “design, test and share experiences such as games” in the ecosystem. Is.
The development team said users are looking forward to version 0.8 of Game Maker, which will launch with “new multiplayer gameplay, lighting and visual effects features, video and audio streaming, wearables across devices and social hubs”.
“Players will be able to compete with each other, live together and interact in new ways. From multiplayer races to parkour and obstacle courses, creators will have the chance to deliver action-packed experiences to their players,” the team explained via a Twitter thread.
The sandbox hopes to remain competitive in the metaverse and play-to-earn (P2E) arena, with “new lighting and visual effects, allowing for more immersive experiences.” With this, Sandbox will move closer to “making the Metaverse a destination to network and socialize with people from around the world”.
Sandbox Price Uptrend May Halt Before Another Rally
The daily time frame chart highlights an intense seller rush below $0.75 and is highlighted by the falling trend line (dotted). It is necessary for SAND to collect enough liquidity before attempting another breakout targeting higher levels above $1.00. Remember, Supply Zone 1 (the immediate gray band) and Supply Zone 2 (the upper gray band) will be more barriers around $1.50.
That said, the Moving Average Convergence Divergence (MACD) indicator is strengthening the bulls’ growing position in the market. Notice the MACD (line in blue) above the signal line as well as the full momentum indicator above the mean line (0.00).
If the price pulls back in the sandbox, possibly due to some investors booking early profits, the support provided by the 100-day exponential moving average (EMA) (in blue) at $0.6324 will come in handy. The pullback could give already sidelined investors a chance to rocket up before the move to $1.00 and $1.50, respectively.
If the sellers turn more aggressive, the sandbox price will look towards the 50-day EMA (in red) at $0.5377 for support. A rebound or a descending trendline from here could propel the channel well above $1.00.
Key Fundamentals Behind The Sandbox Price Rally
Bulls tend to be more aggressive than bears, according to insights from blockchain data presented by IntoTheBlock, a leading on-chain analytics platform. From the chart below, we can see the volume trendline is shifting upwards from the mean line.
The sandbox price rally is supported by 37.44 million bulls against 26.89 million bears. This is a difference of 10.54 million which is positively affecting the sand trend.
More on-chain data from IntoTheBlock shows that the bulls are holding the reins and that the uptrend is more likely to extend rather than negate the gains made in the sandbox. Based on the IOMAP model shown in the chart below, more investors are ready to support the rally above $1.00.
About 2,800 addresses previously bought 49.44 million SAND tokens around $0.63 which coincides with the 100-day EMA support. In other words, if the sandbox price pulls back from $0.72, this huge buyer congestion zone will force a rally due to the increase in the number of bulls.
On the upside, SAND is facing a relatively weak resistance, with the strongest holding at $0.7791, where 2,600 addresses bought 17.32 million coins. The sandbox price needed only a small push to climb through the diminishing seller congestion zone to $1.00 and $1.50, respectively.
interested traders can buy sandbox And take advantage of the possibility of reaching $1.00 in a few days and $1.50 in the next few weeks. However, investors may want to look to Meta Masters Guild (MEMAG) for better risk-reward potential. For more information about MEMAG, follow the link below.
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