The Sandbox (SAND/USD) crashed by practically 5% on Monday, extending its dropping streak within the bear market. The loss took the token to a yearly low of $0.52 earlier than recovering barely. Because it stands, the token of the Metaverse platform is beneath the management of bears.
It’s not solely SAND that’s beneath strain. Metaverse friends really feel the warmth of a really calm digital actuality house amid a chronic crypto winter. This yr’s exercise is under par for a sector that was anticipated to witness unprecedented development.
Take the case instance of Horizon Worlds, the flagship metaverse for tech big Meta. As of October, studies indicated that Horizon had amassed lower than 200,000 month-to-month lively customers. Until a miracle occurs, Meta is unlikely to hit 500,000 MAUs by the tip of the yr, as initially projected.
As as to whether the low exercise within the metaverse is related to the crypto winter, time will inform. For the time being, the metaverse is just underperforming. The Sandbox token has, subsequently, been in a chronic downturn owing to fewer entities getting into the nascent sector. Will the token set a brand new low?
SAND heading to $0.40 subsequent?
SAND/USD Chart by TradingView
On the weekly chart, there isn’t a clear backside worth for the Sandbox token. Nevertheless, the realm round $0.4, when SAND began to show bullish, ought to stay of curiosity. That means that SAND might fall by as much as 30%. However, trying on the candlestick worth sample, the bear market has been cooling.
When to purchase SAND
SAND worth is bearish and never engaging for a purchase. Nonetheless, vital worth declines are unlikely, and SAND might start a reversal if the RSI hits the oversold ranges. Nonetheless, the prevailing crypto sentiment ought to information ascertaining a bullish reversal for the cryptocurrency.
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