Crypto The Sandbox Price Prediction: Will SAND Hit $10 in May 2022?

SAND Technical Analysis – May 2022

The price of The Sandbox (SAND) has been falling in recent months. Since SAND hit a record high near $8.50 in November 2021, the price has been on the decline. He joined . in 2022 an average price of about $6† The price dropped all the way to $2.50 in the third week of January, where it found strong support.

After that, SAND price underwent a correction of about 90% where it encountered resistance near $4.90. While this hinted at a possible reversal, the price started to fall again. After another drop of nearly 50%, SAND found support again at $2.50.

SAND continues to respect the upper and lower trends created in the daily chart. The price pattern has created a descending triangle. This pattern is usually followed by a bearish push in the price. It depends on the SAND’s $2.50 support level, which has proved strong many times over in recent weeks. Nevertheless, the SAND is bearish and the fear and greed index confirms it. Bollinger Bands suggest that price volatility has declined lately, but that could easily change if a breakout happens soon.

Moving Average

The 20-MA and 50-MA lines on the 1-day chart are both above the current SAND price. This indicates that the current trend for the SAND is bearish in the coming weeks. In addition, the MA lines can act as potential support structures if the price tries to recover.

Lines 9-EMA of the 1-day chart is also currently above price, meaning that the price of SAND could continue to fall in the near term, all things being equal.

Relative Strength Index

The website ROI of the daily chart is currently below the equilibrium level, meaning selling pressure is high and the overall price of SAND is bearish in the near term. If the price continues to fall and the RSI moves below 30, we may see another SAND correction.

MACD

The MACD line on a 1-day chart is currently below the signal line and below the baseline. While the lines are relatively close together, the signs are near-term divergence meaning the lines may not cross and the momentum may remain bearish in the near term.

Fibonaccia

The website Fibonaccia The 1-day chart retracement levels in the recent downtrend suggest that the price has encountered resistance at the 38.2% level, meaning the price could remain lower, further flat, for the next few days.

SAND Price Forecast – May 2022

Based on this technical analysis on The Sandbox (SAND), the price of SAND on the 1-day chart could continue to fall if the $2.50 support breaks. If that happens, SAND could drop below $2 in the coming weeks, with everything else flat. However, as all technical indicators are currently bearish for SAND, this could be a good time for a reversal.

If the upper trendline breaks, the SAND may bounce back and retest the resistance at $3.60, which if broken could lead to a new trend in the 1-day chart. Nevertheless, the price of SAND may largely depend on the price development of other cryptocurrencies, especially Bitcoin (BTC). If the latter manages to correct, there is no reason to believe that SAND cannot reverse the trend, as all things are equal. Feel free to try token presales through services like Pink sale!

Latest news for SAND – Price allocation

While technical indicators could describe the possible near-term outcome of SAND, cryptocurrencies are highly volatile and can be easily affected by fundamental changes. As for The Sandbox (SAND), the latter recently teamed up with several major international companies for its Mega City 2 metaverse event in Hong Kong. These partnerships include Ocean Park, Standard Chartered, Regal Hotels Group, Tatler Asia, EVI, Brinc, MADworld, Gameone, Chord Hero, UFO School and Time Gates of Hong Kong Pop Culture.

In other news, The Sandbox is looking to raise about $400 million in funding in the coming weeks. The company behind The Sandbox is in continuous dialogue with potential investors and existing investors. With a valuation of $4 billion, SAND is looking for additional funds to help it further develop its metaverse ecosystem.

In addition, The Sandbox also works on sustainability. On Earth Day, the project announced it was working to reduce the carbon footprint of NFTS to 99%. This makes SAND one of the few projects that will realize this in the short term.

While SAND isn’t doing very well technically, the fundamentals suggest that there is room for growth in the coming weeks. A $10 price never seemed impossible for The Sandbox (SAND), but with current market trends, it just might not happen in the near term.

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This article is presented to you in French in consultation with our partner crypto-academy.org

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