Home Sandbox (SAND) Token Shows Signs Of Bull Support - Price +40% Up.
Sandbox (SAND) Token Shows Signs Of Bull Support - Price +40% Up.
2022-01-30 | Robin Williams
Notwithstanding the general market's bearish attitude over the last 24 hours, Sandbox (SAND) has resisted falling. Rather, the cryptocurrency had a breakout rebound as traders interpreted its current high-profile collaborations as evidence of the project's solid fundamentals.
SAND increased 10.23% to $3.38 at the end of the trading day on January 27, accompanied by a 5.42 percent increase to $3.57 on Friday, and is presently trading a price around $4.03 USD, which is +9.55% up for the day in 30th January. In comparison, Bitcoin (BTC) fell 1.41% during the same period of time.
Usage of SAND is increasing
Once the Sandbox revealed ties with American artist Snoop Dogg and Warner Music, a prominent record label, traders opted to boost their access to SAND.
Snoop Dogg teased his impending nonfungible token (NFT) collection, called "the Snoop Avatars," through Twitter on Jan. 27. The rapper also suggested that his avatars might be included in the Sandbox metaverse.
Following that day, the Sandbox stated that it will collaborate with Warner Music to construct a music theme park and performance venue within its metaverse. The game initiative said that by doing so, the Warner Music artists would digitally communicate with their fans and earn actual money streams.
Obviously, the high-profile agreements increased SAND's chances of finding additional takers in the future. This is due mostly to the token's status as a major asset within the Sandbox metaverse. As a consequence, it outperformed the majority of its top-ranking cryptocurrency competitors on January 27.
What is SAND's upcoming step?
The current surge of purchasing coincided with the start of a bumpy rebound in the larger cryptocurrency industry on January 24.
The crypto market accumulated more than $150 billion to its net worth between its trough on January 22 and its peak on January 28. SAND, which rebounded with other assets, broke out at $2.56 before rallying more than 40% in four days.
After the rebound, the SAND price reaffirmed its 200-day exponential moving average as a temporary support. If the frenzy around the Snoop Dogg as well as Warner Music collaborations holds, Sand will most certainly extend its upward momentum toward the 50-day EMA (the red wave) around $4.50.
However, Cantering Clark, a freelance market analyst, questioned the upward scenario, noting that SAND's pump may have been a "good departure for holders" prior to a likely negative continuance further.