• Sandbox price remains in a technical correction.
  • Lower prices are expected, but a slight bounce may occur in the interim.
  • The weekly chart continues to point to a much deeper move south.

Sandbox price and the broader metaverse and gaming token sector remain overbought. More room south is likely, and if the broader market faces a bullish recovery, that may even accelerate the selling of SAND.

Sandbox may experience a bounce before selling resumes

Sandbox price has a combination of support on the weekly chart and the daily chart, suggesting it may have a small bounce before further selling occurs. The currently weekly candlestick has found support against the weekly Tenkan-Sen at $4.60 and the Kijun-Sen at $4.31. But the Relative Strength Index continues to drift south from primary overbought levels, and no regular or hidden bullish divergence exists in the Composite Index.

On the daily chart, there is no Ichimoku support until the Chikou Span hits the bodies of the candlesticks below it, the closest at $4.65. Below that, the 38.2% Fibonacci retracement may contribute to some solid intermediate support. The Relative Strength Index is between the oversold levels of 40 and 50 but continues to slope down. While near historical lows, the Composite Index has a strong hook south, warning that selling pressure may not have eased up yet.

SAND/USDT Daily Ichimoku Chart

Because such a large amount of the altcoin space remains below 50% or more from its recent all-time highs, traders should expect some outflows and profit-taking of Sandbox price and other tokens in the same space. Capital will undoubtedly be transferred into cryptocurrency assets that are better positioned to experience much anticipated rallies.

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP