Russia Moscow 30.05.2021.Logo,screenshot of blockchain nft ethereum cryptocurrency game Sandbox in laptop,mobile phone.Man playing with crypto coins,token sand.Earning digital money.Lands,heroes.
Sandbox price continues to trade in a sideways market after the recent plunge that saw the crypto dropping 25 per cent of its value.
The sideways market comes amidst concerns about Sandbox’s virtual land price fall. According to reports, the platform’s virtual land has fallen to a quarter of what it was trading 9 months ago. For any investor looking at the platform’s major asset plummeting at such a high rate and within a short time, it calls for caution.
Despite this, many investors still regard Sandbox as one of the largest metaverse platforms in existence today. It is also credited as being part of the virtual real estate pioneers, which has given it an edge in the markets compared to other platforms. Major brands have also bought assets on the platform, which has also contributed to Sandbox’s recent traction with cryptocurrency users.
The drop has also been in tandem with the recent cryptocurrency industry drop in the markets. Sandbox being an altcoin that is positively correlated with the industry trend has seen its prices dragged down by the current bearish environment of the cryptocurrency industry.
On August 15, Sandbox started what ended up to be a strong push to the downside, which as seen its prices fall by a quarter. However, on August 20th, the drop started to slow down, and since then, the prices have traded in a sideways market.
Looking at the chart below, today’s session looks to be resuming the aggressively bearish trend, with Sandbox down by 2 per cent. In the next few trading sessions, I expect the prices to continue dropping, and there is a high likelihood that we may see Sandbox hitting the $0.88 support level.
However, should the price trade be above the $1.1 price level, my analysis will be invalidated. At that point, it will be clear that the sideways market is poised to continue, and possibly a price reversal to the upside.