Resource: Coinjournal.net
5 months ago
Date: 12 Jul 2022 - 21:00

Sandboxrsquos SAND was resisted at the 1.3 level.The price is currently bearish but could be contained by the 0.9 support.Investors should watch for a potential breakout.1.3 remains a key level to watch for Sandboxrsquos native token SANDUSD. The metaverse token showed renewed hopes last month after jumping from a bottom of 0.75. At the current trading of 1.1 SAND is recovering although an immediate resistance holds it back.Metaverse tokens such as SAND boomed last year at the back of the growth of virtual reality blockchains. This year activity has slowed although firms are still showing interest.Citi strategists believe the metaverse economy is 8 trillion to 13 trillion in addressable value. With such huge potential metaverse tokens such as SAND remain viable for keen investors. However the recent bearish crypto sentiment has been a hit for SAND. The weakness should not concern a keen investor looking for longterm gains. In the shortterm SAND eyes a breakout that investors should monitor.SAND trapped below 1.3 resistance and 0.9 supportSource ndash TradingViewTechnically SAND has been consolidating since May. The tokenrsquos established resistance is at 1.3 while the support is at 0.9. The price of the metaverse token has oscillated between these two regions for around 2 months. The level is a critical makeorbreak zone for SAND as the cryptocurrency resists going lower.nbspThe MACD indicator is showing a bearish signal. The line is about to cross below the moving average to confirm the bear move. The level reflects the current correction after the cryptocurrency was resisted at 1.3. The shortterm 14day and 21day moving averages are also above price. The current sentiment on SAND is bearish. Nonetheless the correction could end once 0.9 support is reached.SummarySandboxrsquos SAND is technically strong above 0.9 support. The 1.3 resistance holds the price back. A potential break above the 1.3 resistance would usher a fresh bullish momentum.The post Sandbox token rejected at 1.3. What next as the price dips again appeared first on CoinJournal.

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