SAND is the perfect performer amongst the highest 50 cryptocurrencies by market cap to this point at this time.
The cryptocurrency market has continued its poor efficiency this week. The broader market has misplaced almost 4% of its worth over the previous 24 hours. If the bearish development continues, the overall crypto market cap may dip under the $1.2 trillion mark quickly.
Bitcoin is struggling across the $29k degree after dropping 1.7% of its worth to this point at this time. Ether has misplaced 6.5% of its worth within the final 24 hours and will quickly drop under the $1,800 resistance degree.
Nonetheless, 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 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 develop into the primary Hong Kong-based built-in communications, media and expertise (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 development throughout 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 exhibits 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 positive aspects and will drop under the $1.278 help degree earlier than the tip of the day.