Sandbox

The Sandbox 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

Binance

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

KuCoin

Kucoin is a cryptocurrency exchange that offers over 200 cryptocurrencies.

Kucoin has a wide range of services, such as; built-in peer-to-peer exchange, spot and margin trading, bank-level security, and a wide range of accepted payment methods.

Users can benefit from a beginner-friendly interface and relatively low fees.

Buy SAND with KuCoin today

The post The Sandbox adds a weekly 14%. Is the cryptocurrency now bullish? appeared first on CoinJournal.

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