- Sandbox price has decreased over 30% during the weekly trading session.
- The current price broke below the $0.5084 support level.
- The trading volume has reached $110 Million in the last 24 hours.
Launched in 2011, Sandbox (SAND) offers a decentralized platform for a thriving gaming community. The blockchain-based virtual world combines the power of decentralized autonomous organization (DAO) and non-fungible tokens (NFTs). The platform users can build, create, buy, and sell digital assets in the form of games in this ecosystem. Sandbox secures transactions through a proof of stake (PoS) consensus mechanism.
Six-Month Returns Of Sandbox Left To Only 39.24%
SAND token price has performed outstandingly in the last quarter of 2023. The cryptocurrency reflected over 130% positive upsurges during those sessions. However, the price did a bullish correction earlier this year. It showed an opposing rally with 26.75% negative returns in January 2024.
Surprisingly, the token price experienced a positive shift in market sentiments in February 2024. The price gained 38.89% more value that month and 15.84% positive returns in March 2024. The constant upsurges in price, which were met with the supply zone created in February 2023, triggered the Sandbox price correction in the current month.
Cryptocurrency has a maximum supply of 3 billion tokens, out of which 75.06% are in current circulation. This hardly stands over 2.25 billion SAND tokens. The total diluted valuation of the project is estimated at around $1.33 Billion. SAND market capitalization at press time stood at $999 Million.
Price To Volume & Social Dominance Analysis
SAND crypto social buzz positively impacted the price and volume before February 2024. Afterward, the crypto price and volume rose on their own, reflecting upsurges without the need for social buzz. However, social sentiments are slowly growing in the current phase, which can lead to a hike in crypto price and volume.
Technical Analysis Of The Sandbox (SAND) Price
The current price has slipped below the critical exponential moving averages, reflecting negative sentiments in terms of technicals. The 50-day and 200-day EMAs could act as dynamic resistance levels for the current crypto price.
SAND crypto price gave a breakdown from the $0.5084 support level. The price fell almost 28% to the $0.3611 key point of interest (POI). The current price can retest the breakdown level and fall again. If the price closes below $0.3611, a shortfall to the $0.3236 demand zone can occur. To achieve $0.8281 resistance, the price must close above the $0.6784 level.
The relative strength index (RSI) has shown a bearish momentum in the price. The RSI line is currently moving at 32.81 from the 30-mark oversold area.
Summary
Sandbox crypto price has shifted in the negative sentiments regarding market technicals. Earlier, cryptocurrency reflected a nice bullish trend since October 2023. The current price is trading at the key POI. If the SAND price closes below $0.3611, a shortfall to the $0.3236 demand zone can occur. To achieve $0.8281 resistance, the price must close above the $0.6784 level.
Technical Levels
- Resistance Levels: $0.5515 and $0.7363
- Support Levels: $0.3611 and $0.2777
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 any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.