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  • The Sandbox token gained an intraday 7% and 14% in a week

  • The cryptocurrency has been hit hard by a slowdown in metaverse activity

  • SAND faces rejection at the descending trendline

The Sandbox price (SAND) rose by more than 7% on Monday, extending the weekly gains to nearly 14%. The recovery came amid a prolonged bear market and limited activity in the metaverse. But how far can the Sandbox token sustain the recovery?

SAND trades at $0.62, a significant drop from its all-time high of $8.5 in November 2021. The decline has been fueled by a prolonged crypto development and a slowdown in metaverse activity. As the crypto sector recovers and more firms enter the nascent virtuality reality space, SAND will be back to a rally. But that is in the longer term. The short-term shows that the Sandbox token could continue rising, but bulls will face a major test at the descending trendline.

SAND price analysis and outlook as momentum improves

From the chart below, SAND has been trading on a system of lower lows and lower highs. That has resulted in the formation of a descending trendline. 

The Sandbox adds a weekly 14%. Is the cryptocurrency now bullish?

SAND/USD Chart by TradingView

The RSI has shifted above the midpoint for the first time since November 9. A bullish MACD crossover was initiated recently, in line with the improving momentum. However, the MACD remains below the neutral point.

What next for SAND?

The short-term rally in the Sandbox token is likely to be sustained in the short term. To confirm a sustained surge, the token must overcome the descending trendline. If considering buying SAND now, beware of a potential rejection at or near the descending trendline.

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On the flipside, if SAND rises above the descending trendline, the next potential level to watch would be $0.93. 

Where to buy SAND

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy SAND with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy SAND with Bitstamp today

The post The Sandbox adds a weekly 14%. Is the cryptocurrency now bullish? appeared first on CoinJournal.