Tuesday, January 31, 2023
    HomeMarketSAND rallies by 13% as the broader market performs well

    SAND rallies by 13% as the broader market performs well


    The cryptocurrency market has carried out positively for the third consecutive day this week.

    The cryptocurrency market is performing positively after including 1% to its worth within the final 24 hours. The entire market cap stays above $900 billion as Bitcoin and the others carry out properly.

    Bitcoin has maintained its value above $20k after including greater than 1% to its worth. Within the final seven days, BTC is up by lower than 1%. 

    Ether continues to eye the $1,200 resistance degree after going up by lower than 1% within the final 24 hours.

    Nonetheless, SAND, the native token of The Sandbox metaverse, is the most effective performer amongst the highest 40 cryptocurrencies by market cap. SAND has added greater than 13% to its worth within the final 24 hours and at the moment trades above $1.2 per coin.

    SAND’s ongoing rally might be attributed to the launch of The Sandbox Bug Bounty program a number of hours in the past. 

    In keeping with the crew, the bounty program is designed to get the group concerned and reward customers for reporting bugs on The Sandbox’s sensible contracts already in manufacturing.

    Key ranges to observe

    The SAND/USD 4-hour chart is optimistic as The Sandbox has been performing properly in latest days. The technical indicators present that SAND is outperforming the broader cryptocurrency market in the meanwhile.

    The MACD line crossed into the optimistic zone earlier this week and has remained there as SAND has been rallying. 

    In the meantime, the 14-day relative power index of 71 exhibits that SAND may quickly enter the overbought area if the momentum continues. 

    If the rally continues, SAND may surge previous the $1.38 resistance degree earlier than the tip of the day. An prolonged bullish efficiency may see SAND try to achieve the $1.5 resistance level for the primary time this month. Nonetheless, it could want the help of the broader market to make such a transfer. 

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