The Sandbox has dropped 3.5% over the past 24 hours. At the time of writing, the metaverse coin was trading at $0.888. SAND is also up by more than 16% over the past week following an impressive bull run last week.
SAND price analysis
In the last 24 hours, SAND’s trend has reversed after last week’s rally that nearly saw $1 being reclaimed. The token has traded between $0.84 and $0.92 over the past day, showing substantial volatility.
Currently, support from the broader cryptocurrency market is weakening, given that the global crypto market cap has paused its rally. The market is still above $1 trillion. SAND currently has a market cap of $1.34 billion, ranking it the 44th largest cryptocurrency.
The current downtrend indicates that SAND is still bearish. The lack of uncertainty in the market because of various factors, such as the announcement of interest rate hikes by the Federal Reserve this week, could see the price continue trading sideways.
The technical indicators show that SAND is still carrying a bullish sentiment, but the trend could be reversing after the rally is exhausted.
The Relative Strength Index of 62 shows that SAND is overbought. If the buyers have been exhausted, the price will likely continue retracing. On the other hand, the Moving Average Convergence Divergence (MACD) line shows a bullish trend as it is above the signal line.
If the price continues retracing, $0.82 will likely be retested in the short term. However, the volatility in the broader market is low, as the market cap is still above $1 trillion. Therefore, it is still likely that SAND will head higher.
Can SAND rally to ATH?
Positive developments within the Sandbox ecosystem could trigger a rally to all-time highs. Last week, luxury fashion brand Gucci announced the launch of a real estate property with the Sandbox metaverse. The Gucci Vault Land will launch as a “private event” for a limited time until November 9.
Virtual land within the Sandbox is bought using SAND tokens. Therefore, the growing demand for land on this metaverse creates utility for SAND, which could fuel a rally to new highs.
If you consider buying SAND today, you might also consider investing in Tamadoge (TAMA). Tamadoge has taken a novel approach by combining the meme coin aspect with metaverse gaming. TAMA has jumped 17% over the past 24 hours to trade at $0.028 at the time of writing, according to CoinGecko.
New cryptos to consider buying today
If you are looking to diversify your crypto portfolio with some of the best presales happening today, you might consider investing in these three tokens:
Dash 2 Trade is the next token to explode as its presale continues attracting massive interest. The D2T presale has raised more than $3.5 million in the presale so far. Dash 2 Trade is a platform that gives investors access to trading signals to help them make informed trading decisions.
You should also consider investing in the IMPT presale. The IMPT presale has so far raised more than $11 million. IMPT.io is a new project seeking to partner with leading global brands to lower their carbon footprint. IMPT is the best crypto to invest in for ESG investors.
The Calvaria presale is also worth considering. Calvaria is set to be one of the best play-to-earn games because it is appealing to both crypto and non-crypto gamers. The RIA presale has entered stage 3, and over 900,000 USDT has been raised. Stage three will end after 1.35 million USDT is raised.
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