Are we likely to see a bullish reversal on Sandbox SAND/USD soon?
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Sandbox has lost over 80% since peaking above $8
The token is currently trading at less than $1 and could go lower
Blockchain gaming platform had its first metaverse wedding this week
Sandbox SAND/USD is at $0.8745 after a miserable 1.08% rise in the last day. The Metaverse token is down a whopping 89% from its November ATH. Despite huge sales, Sandbox survives the storm by bringing new ways of use to the market.
The blockchain-based gaming platform held its first metaverse wedding five days ago. Sebastian Borget, Sandbox’s operational director, was the editor of the event. The function was live on the blockchain with digital avatars replicating reality.
In addition, Sandbox is gaining a foothold among financial institutions. This month, the largest bank in Southeast Asia, DBS, started the launch of loan services with a cooperation network. Other financial giants, such as JP Morgan and HSBC, have taken their services to virtual space. Let’s get into the details.
Sandbox is a gaming platform with three integrated products. First, the Voxel Editor, a 3D voxel modeler that enables NFT creation for PC and Mac. Another product is the Sandbox NFT marketplace. The platform allows users to upload, publish and sell NFT creations. Finally, Sandbox Game Maker is for building 3D games for free.
In general, Sandbox is designed for building, owning and monetizing gaming experiences. Aside from the fundamentals, Sandbox looks bearish in terms of key support.
SAND retreats to the bottom of the horizontal channel
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Technically, SAND has been locked into the consolidation model since May. It has fluctuated between the $0.8 support and $1.4 resistance. Currently below the 20 and 50 moving averages, the SAND can easily lose current support. The stochastic oscillator can confirm the sentiment. The gauge is above the oversold zone. If the SAND loses the current level, it may find new support.
An upward turn in Sandbox is not in sight. The ID remains locked for consolidation. Momentum indicators are showing bearish signals and the SAND could retest lower levels.