The Sandbox token trades at the lowest level in the year
Santiment 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 Santiment 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-realised value or MVRV to make the judgement. MVRV relates an asset market cap and compares it with the realised 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 Santiment 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 which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which 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
The post The Sandbox falls further, but you would want to buy based on this Santiment data appeared first on CoinJournal.
