Cryptocurrency

Assessing if The Sandbox’s NYC event can bring SAND to $1

The Sandbox isn’t an exception when it comes to the broader market pattern. Thus, when the market crashed, SAND too fell sharply. Likewise, because the market recovered in the previous few days, the metaverse token has additionally posted positive aspects.

In truth, even on 22 June, countering the inexperienced candles from 21 June, SAND is in keeping with the remainder of the market.

But The Sandbox had a bonus

Unlike different tokens within the house, the metaverse platform has been internet hosting its personal event in New York City. With a number of business leaders and performers linked to this event, Sandbox was anticipated to kick a rally for its native token. 

However, SAND’s individuality was not sufficient to tread towards the market. Consequently, it was stopped in its effort of reclaiming the $1 mark.

The Sandbox value motion | Source: TradingView – AMBCrypto

This stage isn’t solely crucial for sustained progress but additionally acts as an important psychological stage for its buyers. And, by the seems of it, there’s a probability it may not make it for the reason that excessive volatility isn’t in favor of an increase.

As per the Bollinger Bands (BB), SAND is taking a look at a slight decline or consolidation for the reason that bias of the indicator continues to be appearing as a resistance.

This might invalidate the 14.45% incline noticed over the week.

Right now, The Sandbox doesn’t want extra bearishness as the dearth of demand for the metaverse has already decreased the sale and progress of the digital world.

Despite promoting greater than 3,500 plots of LAND this month, The Sandbox solely bought 1,288 plots. Plus, with the month coming to an finish, this determine isn’t anticipated to transfer past final month’s gross sales.

1655955094 468 Assessing if The Sandboxs NYC event can bring SAND to

Sandbox land plot sale | Source: Dune – AMBCrypto

Secondly, the dearth of demand is verified by the fact- the low gross sales of the LAND plots have been recorded even though for the month of June, the typical value of those plots was at its lowest in additional than eight months. This resulted within the lowest month-to-month sale ($1.9 million) since October 2021.

1655955095 287 Assessing if The Sandboxs NYC event can bring SAND to

Sandbox sale quantity | Source: Dune – AMBCrypto

But for the reason that crypto market didn’t appear very profitable, the metaverse market failed to appeal to buyers. Thus, The Sandbox’s failure in its pursuit of progress even after being given two alternatives reveals that the market and SAND will take some time to get better.

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