The Sandbox (SAND/USD) falls further, but you would want to buy based on this Sentiment data – Crypto News – Crypto News
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The Sandbox (SAND/USD) falls further, but you would want to buy based on this Sentiment data The Sandbox (SAND/USD) falls further, but you would want to buy based on this Sentiment data

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The Sandbox (SAND/USD) falls further, but you would want to buy based on this Sentiment data – Crypto News

Published

3 years ago

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  • The Sandbox token trades at the lowest level in the year

  • Sentiment 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 Sentiment 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-realized value or MVRV to make the judgement. MVRV relates an asset’s market cap and compares it with the realized 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

SAND/USD Chart by TradingView

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 Sentiment 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

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy SAND with eToro today

bitstamp

Bitstamp is a leading cryptocurrency exchange that offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company that offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy SAND with Bitstamp today

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