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Sandbox tokens trade at yearly lows
Santiment Data Shows SAND Is in Opportunity Zone
Sandbox token price expected to drop further until bear market subsides
Loneliness continues in the Metaverse. Investors are still abandoning investments due to the lack of fundamentals and developments. Metaverse related tokensLast week, the tokens of the popular metaverse platform Sandbox (SAND/USD) lost almost a quarter of its value. Considering that this cryptocurrency was already trading at very depressed levels. SAND is currently trading at $0.44, but Santiment data shows an “opportunity” signal. do you take it
Santiment is a crypto analytics company known for its data feeds and updates. Metaverse platform tokens, including SAND, trade in an opportunity zone, according to the company. Analytics firms use market value versus realized value or MVRV to make decisions. MVRV associates the market cap of an asset and compares it to the realized market cap. The resulting ratio is used to identify overbought and oversold conditions.
Using MVRV, Santiment says Sandbox tokens are in historical trouble, in addition to Decentraland’s MANA. These are the overbought and semi-overbought zones where large bounces occur. The technical outlook shows that the RSI is flashing overbought conditions with a clear downtrend.
From a technical perspective, SAND is trading at the lowest levels of the year. The bottom was last reached in July 2021. The cryptocurrency is currently oversold and the RSI reading is currently at 30. SAND maintains a clear downtrend.
It may be too early to think buy sandPrices are bearish despite Santiment data and RSI showing overbought and oversold conditions respectively.
Again, market sentiment remains bearish. As SAND trades alongside the broader market, it may be too early to make a bullish call. SAND may find next support at $0.36.
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