SAND is the best performer amongst the top 50 cryptocurrencies by market cap so far today.
The cryptocurrency market has continued its poor performance this week. The broader market has lost nearly 4% of its value over the past 24 hours. If the bearish trend continues, the total crypto market cap could dip below the $1.2 trillion mark soon.
Bitcoin is struggling around the $29k level after losing 1.7% of its value so far today. Ether has lost 6.5% of its value in the last 24 hours and could soon drop below the $1,800 resistance level.
However, SAND, the native token of The Sandbox ecosystem, is the best performer amongst the top 50 cryptocurrencies by market cap. SAND is currently outperforming the broader market after adding more than 4% to its value in the last 24 hours.
At press time, SAND is trading at $1.33 per coin, up by more than 7% over the past seven days.
The primary catalyst behind SAND’s positive performance is the news that PCCW and HKT have partnered with The Sandbox.
Thanks to these partnerships, PCCW and HKT have become the first Hong Kong-based integrated communications, media and technology (CMT) organisations to join the metaverse and open a new frontier in the digital world.
Key levels to watch
The SAND/USD 4-hour chart is bullish despite the bearish trend within the broader cryptocurrency market. The technical indicators show that SAND is outperforming the other major cryptocurrencies.
The MACD line just crossed into the positive territory, indicating bullish momentum. The 14-day RSI of 51 shows that SAND is no longer in the oversold region.
If the rally continues, SAND could surge past the first major resistance level at $1.556 over the coming hours. However, the resistance level above $1.833 should cap further upward movement in the short term.
With the broader market still bearish, SAND could retrace some of its earlier gains and could drop below the $1.278 support level before the end of the day.
The post Here is why SAND is up by more than 4% today appeared first on CoinJournal.
