SAND is the perfect performer amongst the highest 50 cryptocurrencies by market cap up to now today.
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 entire crypto market cap may dip beneath the $1.2 trillion mark quickly.
Bitcoin is struggling across the $29k stage after shedding 1.7% of its worth up to now today. Ether has misplaced 6.5% of its worth within the final 24 hours and will quickly drop beneath the $1,800 resistance stage.
However, SAND, the native token of The Sandbox ecosystem, is the perfect performer amongst the highest 50 cryptocurrencies by market cap. SAND is at the moment outperforming the broader market after including more 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 more than 7% over the previous seven days.
The main 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 turn into 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 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 may surge previous the primary main resistance stage at $1.556 over the approaching hours. However, the resistance stage 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 positive factors and will drop beneath the $1.278 assist stage earlier than the tip of the day.