The Sandbox token trades at the lowest level in the year
Santiment data indicates SAND is at “opportunity zones”
We expect the Sandbox token price to sink further until the bear market subsides
It continues to be lonely in the metaverse. With few fundamentals and developments coming up, investors are still dumping the metaverse-related tokens. In the past week, the token of the popular metaverse platform, The Sandbox (SAND/USD), has lost almost a quarter of its value. Take into account that this cryptocurrency was already trading at exceedingly depressed levels. SAND now trades at $0.44, although Santiment data gave an “opportunity” signal. Would you take it?
Santiment is a crypto analytics firm known for data feeds and updates. According to the firm, tokens of metaverse platforms, including SAND, are trading at “opportunity zones.” The analytics firm uses the market-value-to-realised value or MVRV to make the judgement. MVRV relates an asset market cap and compares it with the realised capitalization. The resulting ratio is used to identify overbought and oversold conditions.
Using MVRV, Santiment says the Sandbox token, in addition to Decentraland’s MANA, is at historical pain points. These are underbought and semi-underbought zones where big bounces occur. A technical outlook shows RSI flushing overbought conditions on a clear downtrend.
SAND on a downtrend as it touches a new low in the year
From the technical outlook, SAND trades at the lowest level in the year. The bottom price was last reached in July 2021. The cryptocurrency is currently oversold, with the RSI reading now at 30. SAND maintains a clear downtrend.
Is a rebound likely for SAND?
It could be too soon to think of buying SAND. Despite the Santiment data and RSI pointing to underbought and oversold conditions, respectively, the price is bearish.
Again, the market sentiment remains bearish. Since SAND trades alongside the broader market, it could be too early to make a bull call. SAND could find support next at $0.36.
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.
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.
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