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Sandbox failed breakout at $1.3 and returned to support
Price weakness stems from general crypto mood and lack of sandbox development
SAND Remains Vulnerable Unless Potential Price Catalyst Shows Up
Sandbox token SAND/USD looked likely to hit new highs as the price hovered around $1.3. Prices have corrected at resistance levels for weeks, but neither the bulls nor the bears seem to have won the battle. was born. It looks like the bears have taken the lead as the price has fallen to his $1.03. It’s a potential demand zone, but will buyers push the token higher?
A sandbox is not expected at the current level. First, the sandbox relies on the recent momentum of the crypto sector. Momentum is weak so far. SAND could fall further before sentiment improves. Second, projects building on the metaverse have slowed down recently. Great opportunities exist in the metaverse sector, but investors are interested in current developments. The lack of clear fundamentals from the metaverse sector could hurt SAND’s near-term recovery.
Source TradingView
Technically, sandboxes are bearish. Momentum indicator shows price to be very bearish at critical support at $1.03. No price action to indicate price is about to recover at support. As a result, if momentum doesn’t improve soon , SAND is vulnerable. Investors should not buy tokens on support, but should be aware of price action and general sector mood. If SAND loses his $1.03 support, the token could drop him to $0.85.
Sandbox tokens remain vulnerable with $1.03 support. A lack of clear fundamentals and momentum is another bearish catalyst.
