The sandbox price is down by 7% in today’s trading session. The drop also extends the past four consecutive sessions, where we have seen prices dropping aggressively.
On August 15, Sandbox’s price was on the verge of wiping out losses made the previous day after starting strongly with a price surge of 7 per cent. However, during the late hours of the trading session, the prices started to come down, and it closed the markets with a market gain of only one per cent. Since then, the prices have continued to drop, which has seen Sandbox lose a quarter of its value in the past six trading sessions.
The current Sandbox drop is in tandem with other major cryptocurrencies, which have also suffered significant losses in the past six days. In today’s trading session, for instance, the entire global cryptocurrency industry has seen a drop of 8 per cent in its market capitalization. The same trend has been experienced throughout the week. With the Sandbox project being positively correlated to the industry, the industry’s drop has also been seen. Sandbox’s price dropping significantly.
Based on what we know, Sandbox’s current strong bearish trend is being driven by the industry’s fundamentals. Therefore, I expect the prices to continue dropping because the current conditions in the market do not look positive for the industry.
The current drop in price is also likely to continue despite the industry starting to improve. This is because, in most cases, altcoins such as Sandbox follow the trend; they do not lead. Therefore, it will take a few days before Sandbox starts to go up should the cryptocurrency industry start a bullish trend.
We are highly likely to see the Sandbox price dropping below the $1 price level. Based on current price action, it is also likely that we may see prices hitting the $0.88 support level. My analysis will, however, be invalidated should the prices trade above today’s opening price of $1.15.
This post was last modified on Aug 19, 2022, 14:15 BST 14:15