Sandbox token SAND rallies 260% in November forward of play-to-earn metaverse launch
SAND, the native token of the Sandbox — a blockchain-based gaming platform owned by Animoca Brands, inched greater on Tuesday, constructing on its beneficial properties made all throughout November, to achieve one other file excessive.
SAND token worth rose to $5.64 after swelling 16.25% intraday however retraced a few of these beneficial properties to commerce at $5.54 on the press time. The transfer took the Sandbox token’s month-to-date (MTD) and year-to-date (YTD) beneficial properties to just about 260% and over 14,700%, respectively, with its market capitalization crossing above $5 billion, making it the Forty first-largest coin within the sector.
Many catalysts behind the SAND worth rally
This month’s exuberance was partially attributable to Sandbox’s announcement of opening up a part of its metaverse through its multi-week play-to-earn (P2E) Alpha occasion starting Nov. 29, at 13:00 UTC.
In element, the blockchain startup confirmed that it might choose a gaggle of 5,000 gamers to earn as much as 1,000 SAND (now value $5,540) and three nonfungible tokens (NFT) as they frolicked throughout Sandbox’s eighteen digital experiences.
Get prepared for The Sandbox Alpha!
Launching November twenty ninth
Anyone can expertise the Alpha hub and three experiences
5,000 Alpha passes giving entry to content material, NFT, and 1,000 SAND!
— The Sandbox (@TheSandboxSport) November 16, 2021
Additionally, the current bout of shopping for throughout the SAND spot markets — which noticed its worth achieve over about 37% and 40% in opposition to the U.S. greenback and Bitcoin (BTC) within the earlier 24 hours — got here on hopes of a possible collaboration between the Sandbox and sports activities merchandise big Adidas.
On Monday, Adidas’s Twitter deal with was seen discussing the potential to construct a so-called “adiVerse” with the help from the @theSandboxGame, the Sandbox’s official Twitter account.
— adidas Originals (@adidasoriginals) November 22, 2021
The tweet obtained practically 1,450 retweets and 4,400 likes.
RSI divergence in play
Despite stable fundamentals, SAND risked rallying right into a bull lure as its worth tendencies confirmed clear deviations from its relative power index (RSI).
Specifically, the RSI usually returns greater values when the market rises, and decrease values when it falls. Occasionally, the RSI and the market transfer in an wrong way, resulting in so-called RSI divergences.
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That stated, a falling RSI and a rising market present a bearish divergence. Notably, for the reason that starting of November, SAND has been forming an identical RSI divergence, an indication that the momentum within the transfer upside has been slowing down.
That doesn’t imply that the bull development is over, however alerts a few potential short-term pullback transfer. The following chart reveals the potential entry and exit targets for the periods forward, based mostly on the Fibonacci retracement graph between $0.17-swing low and $8.72-swing excessive.
A pullback upon testing 0.382 Fib stage at $5.45 may have SAND return to its subsequent help line on the 0.5 Fib stage, close to $4.45. The similar line has acted as resistance throughout SAND’s upside makes an attempt between Nov. 18 and Nov. 22.
Conversely, a continued transfer above $5.45, accompanied by an increase in volumes, could open the likelihood for SAND to check $6.70 — at 0.236 Fib stage — as its subsequent upside goal.
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