SAND, the original token of The Sandbox, the blockchain gaming platform owned by Animoca Brands, surged. It builds on the profit made in November to hit a record high.
SAND price It rose to $5.64 after a 16.25% gain, but reversed some of its decline, trading at $5.37 at the time of writing. The move brought The Sandbox token up almost 260% in November and more than 14,700% respectively, with a market cap of over $5 billion. making it the 41st largest coin in crypto
price surge catalyst It follows The Sandbox’s announcement that the metaverse will be available for testing via Alpha play-to-earn starting November 29.
It will select a pool of 5000 players to take the test and award up to 1,000 SAND (currently $5,540) and three NFT tokens when they take part in Sandbox’s 18 virtual experience test.
Get ready for The Sandbox Alpha!
Launching November 29th
Anyone can experience the Alpha hub and three experiences
5,000 Alpha passes giving access to content, NFT, and 1,000 SAND!
Get all details below
https://t.co/63iAl5MMmS pic.twitter.com/OiXmbAWYN2
— The Sandbox (@TheSandboxGame) November 16, 2021
On Monday, Adidas also posted on Twitter about the potential to create what it calls “adiVerse” with support from The Sandbox.
adiVerse anyone?
What should we build, together in @TheSandboxGame?
https://t.co/VbAdIi9cxN
— adidas Originals (@adidasoriginals) November 22, 2021
But even with strong fundamentals, SAND could be vulnerable to a bull trap. As price trends show a clear deviation from the relative strength index (RSI), since early November, SAND has created an RSI divergence, a sign that the upward movement momentum has slowed.
But that doesn’t mean the uptrend is over. but a warning of the possibility of a short-term correction. The following chart shows possible entry and exit targets based on the Fibonacci retracement chart between the swing low of $0.17 and the swing high of $8.72.
A correction from the 0.382 Fib test level at $5.45 could bring SAND back to the next support at 0.5 Fib near $4.45. The same line also serves as a resistance during SAND reversal attempts between 18th and 18th. 22 Nov
On the other hand, the steady movement above $5.45 is coupled with increasing volume. SAND may open up to test $6.70 at 0.236 Fib, the next bullish target.
The post Sandbox SAND Tokens Up 260% in November Before the launch of the Metaverse Play-to-earn appeared first on Bitcoin Addict.