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Sandbox partnered with football star Kun Aguero to draw fans to the Metaverse, could that lead to a spike in SAND’s price?
Native to The Sandbox metaverse, SAND is down over 2% in the last 24 hours.
The poor performance is consistent with the performance of the broader cryptocurrency market. Despite losing less than 1% of its value in the last 24 hours, the total crypto market is over $950 billion.
Bitcoin, the world’s leading cryptocurrency, has fallen below the $20,000 level again after dropping 0.7% so far today. Ether also continues to trade above $1,300, although he is down less than 1% to date.
Despite Sandbox’s announcement of a partnership with Premier League legend Sergio Cun Aguero, SAND’s performances have been lackluster.
AGUEROOOOOOOO
happy to welcome others @aguerosergiokun To the sandbox! hosts football-themed games, dances and many other surprises!
Stay tuned for details pic.twitter.com/ewj71bAPEf
Sandbox (@TheSandboxGame) October 6, 2022
Sandbox added that the first version of Kuniverse will be released on November 6 and will take the form of a giant stadium with experiences like soccer-themed games, dancing and even an Argentinian food truck.
The SAND/USD 4-hour chart remains bullish even though the sandbox has underperformed for the past few hours.
The MACD line remains above the neutral zone, indicating a positive sandbox market. A 14-day Relative Strength Index of 49 shows that despite today’s underperformance, SAND is still not in oversold territory.
At the time of writing, SAND is trading at $0.8452 per coin. If the bearish trend continues, SAND could break below the $0.8118 resistance level by the end of the week.
Unless the bulls regain control of the market, SAND may fall to the $0.7452 support level for the first time since July.
The bulls can regain control and push the SAND to the $0.9257 resistance level soon. However, the second major resistance level at $1.0599 should be difficult for the bulls to overcome over the next few hours or days.
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