The Sandbox price jumped sharply on Friday as interest in Non-Fungible Token (NFT) and metaverse coins like Gala, Decentraland, and Enjin popped. SAND is trading at $6.07, which is about 20% above the lowest level on Thursday. This jump brings the total market capitalization to more than $5.79 billion.
The Sandbox is a leading decentralized platform that enables people to buy and rent out land and plots. This has made it the second biggest metaverse platform after Axie Infinity. It has even passed Decentraland, one of the earliest metaverse platforms. The jump today is mostly because of the overall positive performance of cryptocurrencies like Bitcoin and Ethereum. So, what next for SAND prices?
The four-hour chart shows that the SAND price has been under pressure in the past few weeks. The price has crashed by more than 28% from its all-time high. A closer look shows that the price has found a strong support at about $4.73. It struggled to move below this level several times this month.
Recently, however, the price has managed to rebound and risen to the highest level since December 15th. It also moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has been rising. The coin has also moved above the descending trendline that is shown in black. It also rose to the psychological level of $6.
Therefore, the bullish trend will likely keep rising as bulls target the key resistance level at about $7. This price is about 15% above the current level. Still, a drop below $5.5 will invalidate the bullish view.
This post was last modified on Dec 24, 2021, 06:06 GMT 06:06