Sandbox (SAND) Jumps 14% After Diving from $1.84
One of the cryptocurrency market's most popular assets of the day, Sandbox (SAND) increased in value by as much as 14 percent. The cryptocurrency touched a low at $1.13 after diverging from $1.84 at close on
One of the most active cryptocurrencies on Thursday was Sandbox (SAND), which increased by as much as 14 percent. The SAND/USD pair reached a session high of $1.28 earlier today, after its low of $1.13 on Wednesday.
The token rose to its highest level since June 25 and approached a crucial resistance level as a result. In the same time frame, the market capitalization of the token increased by 15 percent. At press time, data from Coingecko showed that it was worth $1.58 billion.
The following indicators are all showing positive values:
The exchange flow balance in the SAND coin increased by $1,411,000 over the past day, as shown by Santiment statistics.
In the previous 24 hours, significantly more SAND tokens were supplied to exchanges than were withdrawn. In such situations, a further price increase is expected.
The resistance level shown on the chart is at $1.35 and has not been broken since late May, when prices were around $1.50.
The SAND RSI would need to surpass its own resistance level in order for the 14-day relative strength index to break through its ceiling. As of midday on Thursday, the SAND RSI is at 57.50, which is just below that barrier.
Coinbase's announcement that it would establish a SAND swap program caused the price of SAND to rise.
News that The Sandbox has merged with Coinbase Wallet and enabled LAND deployment on Polygon has given a much-needed boost to the price of metaverse currencies, causing it to rise by 20%.
Since the announcement, the price of SAND has peaked at $1.17 before declining. In comparison, its 24-hour minimum price was $0.95. Investors in SAND will hope that positive news about it will cause the price to rise over $1.30, which will signal to the larger market that SAND is on a bullish run that may be sustainable
At the time of writing, a lot of SAND token was being accumulated, as the Money Flow Index (MFI) was at 74.47. The position of these key indicators suggests that there has been considerable buying pressure within the previous 24 hours.
The global cryptocurrency market saw a 5% increase in its capitalization over the past 24 hours due to the rise of several crypto assets, including SAND.
