By Franklin Smith
Sandbox stepped up again on Saturday amid favorable metaverse updates, bringing the $7.0 mark into play. Keeping sub-$6.5 levels away is vital in the short term.
Since hitting the $8.46 ATH on November 25, SAND traded in reversals before securing pre-holiday support. The alternative token enjoyed a rebirth amid upbeat news about metaverse.
Sandbox gained 23.3% on Thursday, revisiting the $6.3 mark. That was after the crypto plummeted to levels of $4.2 during December early sessions. SAND saw a further upward move on Saturday, surging more than 14%.
The recent uptick by SAND came as the project benefited from favorable news about metaverse. Updates on PwC Hong Kong purchasing LAND from the Sandbox ecosystem contributed to yesterday’s lucrative moves by SAND. A big4 accounting company joining metaverse was a massive update, putting SAND up again.
PwC Hong Kong wants to join the increasing list of renowned names interested in the metaverse. Meanwhile, Chinese tech companies joined the craze recently despite warnings by the Chinese government. The leading firms included Hisense, Tencent, NetEase, and Hua Wei Tech Inc.
Some of the leading tech firms in China are among the over 1,300 companies that applied for metaverse-associated trademarks. Combining that with positive developments from Bank of America, the coin can expect further surges. However, PBoC rejecting all or some of the trademarks’ requests risks SAND prices. However, metaverse sentiment might soften China’s regulatory impact on the crypto marketplace.
Sandbox (SAND) Price Actions
SAND has seen challenges to recover from a plummet towards the sub-$4.3 value areas. Meanwhile, the alt tested the $7 resistance early today after finding footing around the 50 exponential moving average. However, Sandbox eased back after the climb. SAND has its current monthly peak at $7.02, attained on December 1.
With Saturday’s upswing, SAND breaking past $7.0 will see the alt at $7.5 without hurdles. However, the altcoin should conquer the resistance at $7.03 for a smooth run. Meanwhile, the 50-EMA continued to move away from 100- and 200-EMA over the week. As indicators suggest more upswings, SAND has to avoid sub-$6.50. While publishing this blog, SAND traded at $6.67, following a 0.51% loss.
Editorial credit: Dennis Diatel / shutterstock.com