Source : coingape.com
The Sandbox price continued uptrend has seen the gaming token refresh the all-time high for the third time in seven days. Investor increase in NFT and gaming cryptos in the metaverse continue to fuel SAND’s uptrend.
The Sandbox price broke above the $5.00 psychological level for the first time ever as investors scramble to have a pie of the play-to-earn Metaverse projects. Increased buyer interest, that was started by Facebook’s rebrand to Meta, saw the SAND price rise a massive 40% to refresh the all-time high (ATH) above at $5.63. This rally has seen Sandbox market value jump by 38% to $4,831,510,764/
At the time of writing, Sandbox (SAND) is hovering around $5.39.
NFT and Gaming Projects In The Metaverse Continue To Capture Investor Interest
Blockchain-based NFT and gaming projects such as Enjin (ENJ), Sandbox (SAND) and Decentraland (MANA) have continued to spark investor appetite over the last one month. This interest was triggered by Facebook’s decision to rebrand to Meta affirming the social media giant’s ambition to build a metaverse.
Moreover, the pivot to the Metaverse has also reinforced this category of digital assets. As a result, the Sandbox price has rallied approximately 600% since Facebook’s announcement on October 28 and 15,142% year-to-date.
Sandbox Price Analysis: Can The Uptrend Be Sustained?
SAND is currently trading on a second bullish session and has formed an ascending channel on the daily chart. Note that as long as Sandbox price remains within the confines of the rising channel, its uptrend will be sustained.
A closure above the upper boundary of the chart pattern at $5.54 will see SAND rise to discover new prices above the $5.63 ATH.
SAND/USD Daily Chart
However, the price action has resulted in the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators reaching extremely overbought level suggesting that the bullish could fizzle out pointing to a possible correction in the near-term.
Therefore, if SAND fails to discover support at $4.98, it way drop to seek support from the middle boundary of the rising channel at $4.54.
A drop below the middle boundary could trigger massive sell orders that are likely to pull Sandbox towards the lower boundary of the channel at $3.52 or the moving averages below it.