The Sandbox (SAND) adds a weekly 14%. Is the cryptocurrency now bullish?
The Sandbox token gained an intraday 7% and 14% in a week
The cryptocurrency has been hit hard by a slowdown in metaverse activity
SAND faces rejection at the descending trendline
The Sandbox price (SAND) rose by more than 7% on Monday, extending the weekly gains to nearly 14%. The recovery came amid a prolonged bear market and limited activity in the metaverse. But how far can the Sandbox token sustain the recovery?
SAND trades at $0.62, a significant drop from its all-time high of $8.5 in November 2021. The decline has been fueled by a prolonged crypto development and a slowdown in metaverse activity. As the crypto sector recovers and more firms enter the nascent virtuality reality space, SAND will be back to a rally. But that is in the longer term. The short-term shows that the Sandbox token could continue rising, but bulls will face a major test at the descending trendline.
SAND price analysis and outlook as momentum improves
From the chart below, SAND has been trading on a system of lower lows and lower highs. That has resulted in the formation of a descending trendline.
SAND/USD Chart by TradingView
The RSI has shifted above the midpoint for the first time since November 9. A bullish MACD crossover was initiated recently, in line with the improving momentum. However, the MACD remains below the neutral point.
What next for SAND?
The short-term rally in the Sandbox token is likely to be sustained in the short term. To confirm a sustained surge, the token must overcome the descending trendline. If considering buying SAND now, beware of a potential rejection at or near the descending trendline.
On the flipside, if SAND rises above the descending trendline, the next potential level to watch would be $0.93.
Where to buy SAND
OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.
OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked.
On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.
Buy SAND with OKX today
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Buy SAND with Binance today