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Market

SAND rose 260% in November with the launch of Metaverse P2E

November 24, 2021 - Around 3 mins mins to read

SAND, the native token of The Sandbox – a blockchain-based gaming platform owned by Animoca Brands – continued to climb on November 23, hitting a new all-time high (ATH).

SAND price rose to $ 5.64 after seeing a 16.25% gain that day, but has since fallen back to $ 5.54 at press time. The move marks SAND’s monthly and yearly gains of 260% and more than 14,700% with a market capitalization of almost 5 billion US dollars, making it the 41st largest coin by capitalization.

SAND rose 260% in November with the launch of Metaverse P2E

SAND / USDT. Daily price chart | Source: TradingView

Multiple catalysts behind SAND’s bullish rally

SAND’s success this month is partly due to The Sandbox’s announcement of the launch of Metaverse through its multi-week Play-to-Earn (P2E) Alpha event, which will be held on November 29th at 8:00 p.m. ET (according to the Daily Mail) begins time).

In particular, The Sandbox confirmed that it will select a pool of 5,000 players – who can potentially earn up to 1,000 SAND (currently valued at $ 5,540) and three exclusive NFTs over the course of 18 team-created experiences.

In addition, hopes of a potential partnership between The Sandbox and sporting goods giant Adidas have created buying pressure on the SAND spot market – where prices have increased more than 37% and 40%, respectively, against the US dollar and Bitcoin in the past 24 hours have risen.

On Monday (November 22nd), Adidas discussed the potential of building “adiVerse” with the support of The Sandbox on Twitter.

“Someone again?

What should we build together in The Sandbox? ”.

The tweet has received nearly 1,794 retweets and 5,585 likes at the time of writing.

SAND price analysis

Despite the solid fundamentals, the SAND runs the risk of falling into a bull trap as the price trend deviates significantly from its Relative Strength Index (RSI).

In particular, the RSI usually returns a higher value when the market is rising and a lower value when it is falling. Sometimes the RSI and the market move in opposite directions, causing an RSI divergence.

However, the bearish RSI and the rising market point to a bearish divergence. Notably, the SAND has been forming a similar RSI divergence since early November, a sign that the upward momentum is slowing.

SAND rose 260% in November with the launch of Metaverse P2E

SAND / USDT daily price chart shows bearish divergence RSI | Source: TradingView

That doesn’t mean the uptrend is over, but it warns of a possible short-term pullback. The chart below shows potential entry and exit targets for the upcoming sessions based on the Fib retracement chart between $ 0.17 low and $ 8.72 high.

SAND rose 260% in November with the launch of Metaverse P2E

SAND / USDT daily price chart with Fib-based targets | Source: TradingView

A pullback on a test of the 0.382 Fib at $ 5.45 could push the SAND back towards the next support at 0.5 Fib near $ 4.45. This line acted as resistance during the SAND’s bullish attempt on November 18-22.

Conversely, a continuation of the move above $ 5.45 accompanied by an increase in trading volume could help the SAND test $ 6.7 – at 0.236 Fib – as the next upside target for the SAND.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Mr. Teacher

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Market

SAND rose 260% in November with the launch of Metaverse P2E

SAND, the native token of The Sandbox – a blockchain-based gaming platform owned by Animoca Brands – continued to climb on November 23, hitting a new all-time high (ATH).

SAND price rose to $ 5.64 after seeing a 16.25% gain that day, but has since fallen back to $ 5.54 at press time. The move marks SAND’s monthly and yearly gains of 260% and more than 14,700% with a market capitalization of almost 5 billion US dollars, making it the 41st largest coin by capitalization.

SAND rose 260% in November with the launch of Metaverse P2E

SAND / USDT. Daily price chart | Source: TradingView

Multiple catalysts behind SAND’s bullish rally

SAND’s success this month is partly due to The Sandbox’s announcement of the launch of Metaverse through its multi-week Play-to-Earn (P2E) Alpha event, which will be held on November 29th at 8:00 p.m. ET (according to the Daily Mail) begins time).

In particular, The Sandbox confirmed that it will select a pool of 5,000 players – who can potentially earn up to 1,000 SAND (currently valued at $ 5,540) and three exclusive NFTs over the course of 18 team-created experiences.

In addition, hopes of a potential partnership between The Sandbox and sporting goods giant Adidas have created buying pressure on the SAND spot market – where prices have increased more than 37% and 40%, respectively, against the US dollar and Bitcoin in the past 24 hours have risen.

On Monday (November 22nd), Adidas discussed the potential of building “adiVerse” with the support of The Sandbox on Twitter.

“Someone again?

What should we build together in The Sandbox? ”.

The tweet has received nearly 1,794 retweets and 5,585 likes at the time of writing.

SAND price analysis

Despite the solid fundamentals, the SAND runs the risk of falling into a bull trap as the price trend deviates significantly from its Relative Strength Index (RSI).

In particular, the RSI usually returns a higher value when the market is rising and a lower value when it is falling. Sometimes the RSI and the market move in opposite directions, causing an RSI divergence.

However, the bearish RSI and the rising market point to a bearish divergence. Notably, the SAND has been forming a similar RSI divergence since early November, a sign that the upward momentum is slowing.

SAND rose 260% in November with the launch of Metaverse P2E

SAND / USDT daily price chart shows bearish divergence RSI | Source: TradingView

That doesn’t mean the uptrend is over, but it warns of a possible short-term pullback. The chart below shows potential entry and exit targets for the upcoming sessions based on the Fib retracement chart between $ 0.17 low and $ 8.72 high.

SAND rose 260% in November with the launch of Metaverse P2E

SAND / USDT daily price chart with Fib-based targets | Source: TradingView

A pullback on a test of the 0.382 Fib at $ 5.45 could push the SAND back towards the next support at 0.5 Fib near $ 4.45. This line acted as resistance during the SAND’s bullish attempt on November 18-22.

Conversely, a continuation of the move above $ 5.45 accompanied by an increase in trading volume could help the SAND test $ 6.7 – at 0.236 Fib – as the next upside target for the SAND.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Mr. Teacher

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

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