Top metaverse token Sandbox (SAND) is currently trading at $0.79 – that’s a daily change of -6.85%.
Following an impressive 115% rally through January. SAND has been riding high on the back of positive macro sentiment from Bitcoin (BTC) and the US economy.
Last night saw a major +25% candle breaking resistance in the consolidation channel to hammer a test at $0.95.
This magnificent run met stiff resistance at $0.95 forcing an ongoing rejection back down to the former ceiling at $0.80.
Markets are invigorated from this shock movement after two weeks of consolidation at local support between $0.70 – $0.80.
The huge candle was created when consolidation finally hit the rising 200 day MA – which has formed the lower support trend line for this rally.
Chart structure looks poised to see another test of $0.95 soon if support holds around $0.80.
372M SAND moved onto exchanges as sell off imminent!
Looking at the RSI 14 illuminates little. It is currently sat on the fence at 50. The rapid cool-down from overbought levels during the testing of $0.95 is a positive sign.
The MACD sings a different tune at -0.00324. This could simply be reflective of the local retrace movement, but this is bearish divergence which could indicate a downtrend is inbound.
And there is good cause for concern amongst traders – Sandbox is due to unlock 372,570,278 SAND this week. That makes 12.4% of the total supply – this could signal an imminent sell-off.
A look at Net Transfer Volume from exchanges highlights the monumental movement of SAND onto exchanges this week. A huge red flag.
More worrying for some 3 whales have already received their unlock share. Moving 3% of the total SAND supply onto Binance ready to sell. https://token.unlocks.app/the-sandbox
Not all is bad though with the Sandbox COO today announcing the Metaverse ecosystem has signed an MOU with Saudi Arabia’s Digital Government Authority.
Overall, price action suggests a top target of $0.95 – with a propensity to break up to $1 (+25%). But downside risk is significant and could see a collapse of chart structure down to $0.50 (-37%).
With an unattractive Risk:Reward ratio of 0.69 and huge SAND inflows to exchanges this is a high risk entry.
What is Sandbox?
Sandbox (SAND) is an early pioneer and leading project in the metaverse sector. One of only a handful of standout projects to gain traction in 2022’s crypto winter. The project has built an entire metaverse ecosystem that enables users to build and organise in the meta.
The project has received huge endorsements and partnerships. This included hosting a music festival in the metaverse with Warner Music Group. Construction of a digital MetaMansion with Playboy and a digital skatepark with Tony Hawk. And even partnerships with legendary game company Atari.
What other metaverse plays could perform better?
Fight Out ($FGHT)
Fight Out is another revolutionary crypto project coming to the exchanges soon, with almost $4 million raised in a presale launched toward the end of Q4 2022. Fight Out hopes to remove the barriers to entry that come in the form of Web3 knowledge and expensive starter NFTs associated with platforms like STEPN.
The main approach is to open the web3 industry so that everyone can benefit while living a healthy lifestyle. Users who join this new ecosystem will have access to a Move-to-Earn (M2E) fitness app and a chain of physical gyms spread around the world. This marks a huge change from STEPN which is only able to reward walking, Fight Out rewards all types of exercise!
Despite Fight Out being in the presale stages, the team is already making inroads in the crypto industry. Today the team had a project interview with Binance check it out here!
Tamadoge’s Web3 gaming platform offers arcade-style games with a play-to-earn reward system. The TAMA cryptocurrency, available on several exchanges, serves as both a collectible and a tool to upgrade stats.
Tamadoge’s upcoming games and developments are expected to drive the TAMA token price, following the successful $19 million presale in 2022.
The huge roadmap of more games on the platform, combined with the high interest in memecoins, and the fact that the project has a memecoin that has actual utility, make TAMA one of the best altcoins to buy today.
The upcoming RobotEra project is taking the metaverse market to new heights by offering a more immersive and interactive gaming experience with the added integration of virtual and augmented reality. With the ability to construct and customize robots, landscapes, and buildings, and monetize gameplay,.
RobotEra combines the creativity and open-world freedom of Minecraft with the futuristic elements of the Taro world to create a new type of metaverse. The game features a complex economy powered by TARO, a potential contender in the quest for the next top metaverse cryptocurrency. Holders of TARO can earn extra income through staking as well.
Players can purchase NFTs that give them title to land and construct essential buildings and facilities that are also represented by NFTs, contributing to a thriving virtual community with tradable assets.
RobotEra - Next Big Metaverse Game
- Backed by LBank Labs
- Buy, Trade and Develop NFT Land
- Doxxed Professional Team
- TARO Token on Presale Now - robotera.io
Discuss This Article
Add a New Comment /Reply
Thanks for adding to the conversation!
Our comments are moderated. Your comment may not appear immediately.