Sandbox’s price is moving in line with the rest of the market despite increasing negative sentiment regarding the state of metaverse and crypto-based gaming projects. Over the past 30 days, the value of SAND has increased by 50.5%reflecting that investors are betting on the bullish wave of the market to achieve a significant correction of 91.8% from the high of $8.40.
SAND’s price performance over the weekend was as expected – bullish and peaked at 10% increase to trade at $0.72 in writing. The bullish outlook for The Sandbox price has the potential to reach $1.50 over the next few days, but the value needs to break through the resistance at $0.75 first.
Sandbox price turns green amid Game Maker 0.8 announcement
The bullish price outlook for The Sandbox can be partially attributed to the recently announced Game Maker release, a platform that allows users to “design, test and share experiences, such as games” in the ecosystem.
Users are eagerly waiting for Game Maker version 0.8which will launch with “new features in multiplayer gameplay, lighting and visual effects, video and audio streaming, gear and wearables in social hubs,” the development team said.
“Players will be able to compete against each other, survive together and interact in all new ways. From multiplayer races to parkour and obstacle courses, creators will have the ability to deliver action-packed experiences for their players,” the team said. on Twitter.
Sandbox hopes to remain competitive in the metaverse and play-to-earn (P2E) arena with the release of “new lighting and visual effects that enable more immersive experiences.” With this, The Sandbox will move one step closer to “making the metaverse a destination for networking and socializing with people around the world.”
The upward trend in The Sandbox price may stop before another rally
The daily chart highlights intensifying seller congestion below $0.75, highlighted by the descending trendline (dashed). It is important for SAND to accumulate enough liquidity before attempting another breakout targeting highs above $1.00. Remember that there will be other hurdles as seen in Supply Zone 1 (immediate gray band) and Supply Zone 2 (upper gray band) around $1.50.
Having said that, the MACD (Convergence and Divergence of Moving Averages) indicator confirms the rising position of the bulls in the market. Notice the MACD (blue line) above the signal line in addition to the entire momentum indicator holding above the mean line (0.00).
If the Sandbox price pulls back, perhaps due to some investors taking early profits, the support from the 100-day exponential moving average (EMA) (in blue) at $0.6324 will help. The pullback could offer already shelved investors a chance to get on the rocket before another push toward $1.00 and $1.50, respectively..
In case the short traders become more aggressive, the Sandbox price will seek support from the 50-day EMA (in red) at $0.5377. A rebound from here or the descending trend channel could get SAND significantly above $1.00.
The key fundamentals behind the sandbox price rally
According to insights from blockchain data presented by IntoTheBlock, a leading on-chain analytics platform, bullish traders are more aggressive than bearish ones. On the chart below, we can see the volume trend line is sloping upwards from the average line.
Sandbox price rise is supported by 37.44 million bullish traders against 26.89 million bearish ones. It is a difference of 10.54 million, which positively affects the development of SAND.
Other on-chain data from IntoTheBlock shows that buyers are holding the reins and that The sandbox has a higher probability of extending the uptrend rather than reducing the gains made. Based on the IOMAP model, shown in the chart below, more investors are ready to support the move above $1.00.
About 2,800 addresses previously bought 49.44 million SAND tokens at around $0.63, which coincides with the support of the 100-day EMA. In other words, if The Sandbox price pulls back from $0.72, this huge zone of buyer congestion would force a rally, supported by an increase in the number of bullish investors.
On the positive side, SAND faces relatively low resistance levels, the strongest now stands at $0.7791, where 2,600 addresses bought 17.32 million tokens. The sandbox price only needs a small push to clear the bearish seller overload zones towards $1.00 and $1.50 respectively.
Interested traders can purchase The Sandbox and take advantage of the rise which should reach $1.00 in a few days and $1.50 in the next few weeks. But investors may want to take a closer look at Meta Masters Guild (MEMAG) for its better risk-reward potential. For more details about MEMAG, follow the link below.