SAND is the very best performer amongst the highest 50 cryptocurrencies by market cap to date immediately.
The cryptocurrency market has continued its poor efficiency this week. The broader market has misplaced practically 4% of its worth over the previous 24 hours. If the bearish pattern continues, the overall crypto market cap may dip beneath the $1.2 trillion mark quickly.
Bitcoin is struggling across the $29k degree after dropping 1.7% of its worth to date immediately. 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 very best performer amongst the highest 50 cryptocurrencies by market cap. SAND is at present 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 optimistic 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 affix 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 optimistic territory, indicating bullish momentum. The 14-day RSI of 51 reveals that SAND is not within the oversold area.
If the rally continues, SAND may 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 may retrace a few of its earlier features and will drop beneath the $1.278 assist degree earlier than the tip of the day.