Sandbox price prediction as a bearish pennant pattern forms

    The Sandbox price remained in a tight vary as traders reacted to the brand new roadmap plan for LAND holders. SAND is buying and selling at $1.3225, which is considerably above final week’s low of $0.9272. As a results of this rebound, the coin’s market cap has risen to over $1.65 billion.

    Sandbox roadmap

    The Sandbox is a main blockchain undertaking that’s within the metaverse and gaming trade. The community helps individuals and firms take part within the metaverse in a variety of methods.

    For instance, the builders frequently host the Alpha season occasion the place avid gamers take part in video games and generate income for profitable. This cash is normally within the type of SAND, the community’s native token.

    The platform additionally has a various NFT market, the place individuals can purchase merchandise like avatars and different digital merchandise. It is without doubt one of the hottest NFT marketplaces within the trade.

    Most importantly, individuals are capable of purchase digital land and promote it later at a payment. Some individuals have spent tens of millions of {dollars} on this digital land.

    Learn extra about how to trade crypto.

    At the identical time, many corporations like HSBC and Standard Chartered have made offers with Sandbox. These corporations have purchased digital property within the platform for advertising functions.

    In a assertion on Monday, the builders introduced the roadmap for LAND holders. The builders will distribute 5 million SAND to all holders. Going by the present price, this distribution can be value greater than $6 million. 

    At the identical time, LAND and ASSET can be moved to Polygon, a main layer-2 community in a bid to decrease transaction prices. People who migrate to Polygon can be eligible for over 1 million SAND rewards. 

    Still, the largest concern amongst traders is whether or not the current restoration is actual or whether or not it’s a bearish restoration.

    The Sandbox price prediction

    On the 4H chart, we see that the SAND price has been in a robust bearish pattern up to now few months. The sell-off accelerated final week as Terra USD crumbled. Now, the coin has shaped what seems to be like a bearish pennant pattern that’s proven in blue. 

    It has additionally moved barely under the 25-day transferring averages whereas the Relative Strength Index (RSI) comeback has stagnated at 50. Therefore, the pair will doubtless stage a main pullback for the reason that pennant pattern is nearing its confluence stage. If this occurs, the following key assist can be at $1.10.

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