The Sandbox Price has been free-falling for the last seven days and down almost 35% from last week’s all-time high. So does the current price offer an attractive entry point for buyers, or will the SAND token get even cheaper?
The Sandbox price received a massive boost towards the end of October when Facebook announced it was rebranding to Meta and pivoting into a Metaverse company. As a result, the decentalized gaming and NFT platform’s native SAND token surged 360% to a record $3.501. However, since then, the price has been sliding lower, towards $2.000. This morning SAND is changing hands at $2.350 (-8.95%), valuing the project at $2.096 billion, ranking it the 75th-largest cryptocurrency behind IoTeX (IOTX).
Due to the recent reversal, the Sandbox price sits between significant support and robust resistance. The daily chart shows a rising trend-line from April is the first resistance level at $2.500.
Successful clearance of the trend should set the SAND token towards the all-time high of $3.501. However, as long as the price remains below $2.500, it’s vulnerable to a test of trend support at $1.5000. In my opinion, the path of least resistance is lower. Therefore, I expect the SAND token to slide towards $1.500. However, a close above trend resistance flips to the outlook to bullish, invalidating my bearish call.
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This post was last modified on %s = human-readable time difference 05:08