Video games related to the Metaverse and NFTs are increasingly gaining popularity thanks to the impetus caused by the creator of Facebook (now called Meta), Mark Zuckerberg. One of them is The Sandbox, and this November 16 a trigger made it register a new ATH at $3.70.
At the time of writing, the SAND token is trading exactly $3.32 and records a 23.56% gain in the last 24 hours, in addition to a 33.25% gain in the last 7 days according to CoinMarketCap.
SAND Prices Soared Higher On Sandbox Metaverse Announcement
Yesterday, a very important announcement was published on the Sandbox Twitter profile, where they communicated the opening date of the Metaverse of the NFT game. Immediately, the prices of the SAND token shot higher, as it was a motivation for investors. Because, the debut of the game’s Metaverse will bring with it a series of rewards to the select group of 5,000 users who will participate in the missions.
The main win will get a reward of 1,000 SAND tokens; that at the price that is quoted at this moment, it would be equivalent to $3,320. In addition, there will also be 3 more prizes in NFTs of unique rarity.
It should be noted that the event will last 3 weeks, and the entry passes will be distributed to the holders of the SAND token, a group of users who have accounts in the game and the rest can be purchased in OpenSea.
In addition to this, days ago we saw an important collaboration with The Sandbox by SoftBank. Which, had the objective of financing the Metaverse of the video game; a fact that also pushed the token higher in early November.
Short-term preview and analysis
In the 4-hour timeframe, it can be clearly seen that the trend of the SAND token is bullish. However, due to the high volume of purchases that occurred after the news of the Metaverse, it is normal for a wave of investors to decide to sell the token to take profits. Hence the correction that will be seen in the short term.
However, it may not reach the lower support marked by the yellow line; located at $2.31. Still, profit-taking can extend to $3.22 or to the mid-margin of ENV channels; the latter would be the healthiest and then continue to rise.
The 20-period EMA is in tune with the median margin of the ENV; confirming the strong support that is located in said margin.
Another factor to consider in our analysis of The Sandbox is the RSI, as it shows a high sentiment of overbought, which at this moment is in decline after the increase in sales volume; which would confirm the fall to the main supports that have been marked.
The levels to monitor would be:
The information in this content should be taken for informational purposes only, not intending under any point of view to urge the purchase/sale of financial assets.