- Sandbox Price Prediction suggests a rise and the long-term outlook favors the bulls.
- SAND Price struggles to defend $0.5000 support.
- The SAND crypto price is trading below the 200-day EMA showcase downtrend.
Sandbox Price Prediction suggests a rise and the long-term outlook remains bullish. Top Metaverse Projects like Sandbox and Decentraland have risen significantly in the past few days. A piece of news trending in the market about Apple’s latest headset launch, which might positively impact the prices of Metaverse tokens.
SAND Price is trading below the 200 and 50-day EMA showcase positional trend is in a downward direction. However, the price is near to the important support and bears seem to be lacking the downside momentum.
Sandbox Price is trading at $0.5328 with an intraday rise of 3.00%. The 24-hour volume-to-market cap ratio is 0.127. The pair of SAND/BTC is trading at 0.00001974 with an intraday rise of 3.13%.
The chart structure of Sandbox with the BTC pair is in a strong downtrend and consolidating near to the yearly lows. The sellers seem to be more active in the BTC pair as compared to the USDT pair. The correlation of SAND with BTC is 0.50.
At the mid of April, Sandbox Price attempted to break out of the previous swing high hurdle at $0.7000. Sadly, the attempt failed and prices witnessed profit booking. Slow and steady prices began to decline by forming lower lows and eroded the majority portion of the previous gains.
Will Sandbox Price take a U-turn?
Sandbox Price has performed poorly in the past few months and failed to generate nominal returns for its long-term investors. The correction in the SAND crypto halted at $0.4800 and buyers are trying to give bounce from the lower levels.
If buyers climb above the 50-day EMA, a short-term bullish trend reversal is possible. However, the confirmation of the trend reversal will come when buyers succeed in breaking the $0.7000 hurdle.
On the other hand, if SAND Price drops below $0.4800, bears may try to drag it further down to the yearly lows. The technical analysis suggests Sandbox Price is near the demand zone and the downside seems limited.
Will SAND Price breaks the previous week’s high
SAND Price is up by 5% weekly, and buyers are trying to break out of the previous week’s high. If the market leader Bitcoin and Ethereum price recovers, it may positively impact the prices of SAND and other Altcoins.
Technical indicators like MACD have generated a fresh, positive crossover, and the rising histogram bar is visible. It indicates mild bullishness, and more upward momentum is possible. The RSI at 43 sloping upward denotes strength, and buyers are returning to track.
Conclusion
Sandbox Price Prediction favors the bulls and suggests a rise in the long term. SAND Price took support near to the demand zone and buyers are trying to climb above the 50-day EMA.
Metaverse token Sandbox witnessed a significant rise in the current week and if the overall market recovers it might positively impact the SAND price. The technical analysis suggests SAND price is consolidating for base formation and the downside seems limited.
Technical levels
Resistance levels: $0.7178 and $0.9059
Support levels: $0.4800 and $0.3775
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.