SAND is the perfect performer amongst the highest 50 cryptocurrencies by market cap to this point right this moment.
The cryptocurrency market has continued its poor efficiency this week. The broader market has misplaced almost 4% of its worth over the previous 24 hours. If the bearish pattern continues, the whole crypto market cap might dip beneath the $1.2 trillion mark quickly.
Bitcoin is struggling across the $29k degree after dropping 1.7% of its worth to this point right this moment. Ether has misplaced 6.5% of its worth within the final 24 hours and will quickly drop beneath the $1,800 resistance degree.
Nonetheless, SAND, the native token of The Sandbox ecosystem, is the perfect performer amongst the highest 50 cryptocurrencies by market cap. SAND is presently outperforming the broader market after including greater than 4% to its worth within the final 24 hours.
At press time, SAND is buying and selling at $1.33 per coin, up by greater than 7% over the previous seven days.
The first catalyst behind SAND’s constructive efficiency is the information that PCCW and HKT have partnered with The Sandbox.
Thanks to those partnerships, PCCW and HKT have grow to be the primary Hong Kong-based built-in communications, media and know-how (CMT) organisations to hitch the metaverse and open a brand new frontier within the digital world.
Key ranges to observe
The SAND/USD 4-hour chart is bullish regardless of the bearish pattern inside the broader cryptocurrency market. The technical indicators present that SAND is outperforming the opposite main cryptocurrencies.
The MACD line simply crossed into the constructive territory, indicating bullish momentum. The 14-day RSI of 51 reveals that SAND is now not within the oversold area.
If the rally continues, SAND might surge previous the primary main resistance degree at $1.556 over the approaching hours. Nonetheless, the resistance degree above $1.833 ought to cap additional upward motion within the quick time period.
With the broader market nonetheless bearish, SAND might retrace a few of its earlier positive aspects and will drop beneath the $1.278 help degree earlier than the top of the day.
