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For the past two weeks, the Sandbox price has struggled in the markets and has traded along the $0.88 support level. However, in today’s trading session, Sandbox’s price has surged by more than 5 per cent. The bullish trend is also looking likely to continue throughout the session.
The sudden surge in price comes amidst news that the United Arab Emirates (UAE) highlighted plans to enter the Web3 space. Its entrance will be a huge deal to metaverse platforms such as Sandbox, which are already making moves to establish themselves as the first choice should the UAE government go ahead with its plan.
Recent reports indicate that Sandbox is already preparing to venture into UAE markets with its Dubaiverse launch, which is rumoured to mirror their other successful project, the Hong Kong ‘Mega City,’ a gaming metaverse. Investors are also positive that Sandbox will have a part to play in AUE’s entrance into the Web3 industry, which is likely to boost the platform.
Despite being down by 7 per cent for the month and dropping by 27 per cent in the month of August, today’s 5 per cent price surge is a reminder that Sandbox still has the potential to recover. Today’s price surge also comes in a week where Sandbox’s price has traded below the $0.88 support level.
However, I do not expect today’s bullish trend to continue in the coming sessions. Today’s price surge is more of a price correction and not a trend reversal. Therefore, my Sandbox price prediction expects the prices to continue trading along the $0.88 support level for the next few trading sessions.
There is a high likelihood that, once the trading along the support level stops, prices will drop and continue with the long-term bearish trend. This analysis will only be invalidated should Sandbox price continue rising and hit the $1 psychological level.
This post was last modified on Sep 22, 2022, 16:47 BST 16:47