the sandbox crypto currency digital payment system blockchain concept. Cryptocurrency isolated on earth night lights world map background. Vector illustration
The Sandbox price is crawling back as investors attempt to buy the dip in cryptocurrencies. SAND is trading at $1.3822, slightly above this week’s low of $0.9096. That price was the lowest it has been since October 28th. The coin has plummeted by 84% from its all-time high. Other altcoins are also tilting upwards, with Ethereum moving above $2,000.
The Sandbox price was not left behind in the ongoing sell-off in the cryptocurrency industry. The concern among investors is that demand has faded for Sandbox and other cryptocurrencies during this sell-off. There are simply no buyers at all. Another concern is that platforms that specialise in assets like non-fungible tokens will see less demand in a period of high-interest rates.
The SAND price rose slightly in the overnight session as some investors bought the dip. Also, the recovery happened after the FTX founder announced that he had acquired a large stake in Coinbase. This purchase was seen as a sign of confidence in the blockchain industry. However, the risk is that this relief rally is part of what is known as a dead cat bounce. This is a brief rally that happens during a major sell-off.
Turning to the daily chart, we see that the SAND price moved below the descending channel’s lower side. This was a sign that bears were still in control. Now, the coin is attempting to retest this level in what is known as a break and retest pattern. This happens when an asset retests an important level and then resumes the downward trend.
Therefore, the Sandbox price will likely move back to $1.50 on Friday as investors continue buying the dip. More gains will be validated if the price manages to move above the lower side of the channel. For the bullish call, the stop will be at $1.12.
This post was last modified on %s = human-readable time difference 09:38