Sandbox has lost over 80% since peaking above $8
The token is currently trading at less than $1 and could go lower
The blockchain gaming platform had its first metaverse wedding this week
Sandbox SAND/USD is trading at $0.8745 after a dismal 1.08% gain in the past day. The metaverse token is down a whopping 89% from November’s ATH. Despite the massive sell-out, Sandbox is weathering the storm by introducing new use cases.
The blockchain-based gaming platform held its first metaverse wedding five days ago. Sandbox COO Sebastian Borget led the event. The feature was live on the blockchain with digital avatars replicating reality.
Incidentally, Sandbox is gaining ground among financial institutions. This month, the largest Southeast Asian bank, DBS, partnered with the network to launch lending services. Other financial giants such as JP Morgan and HSBC have taken their services to the virtual space. Let’s get into the details.
The Sandbox is a gaming platform with three integrated products. First, the Voxel Editor, a 3D voxel modeling tool that enables NFT creation for PC and Mac. The second product is the Sandbox NFT marketplace. The platform allows users to upload, publish and sell NFT creations. Finally, Sandbox game maker is for building 3D games for free.
In general, Sandbox is designed for building, owning and earning gaming experiences. Basics aside, Sandbox is looking bearish ahead of key support.
SAND retreats to the bottom of a horizontal channel
eToro is one of the world’s leading multi-asset trading platforms and offers some of the lowest commissions and fees in the industry. Its social copy trading features make it a great choice for those getting started.
Buy SAND today with eToro
Bitstamp is a leading cryptocurrency exchange that offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company that provides users with an intuitive interface, a high level of security for your digital assets, excellent customer support and multiple withdrawal methods.
Buy SAND with Bitstamp today
Technically, SAND has been stuck in a consolidation pattern since May. It is oscillating between $0.8 support and $1.4 resistance. Currently, below the moving averages of 20 and 50, SAND could easily lose current support. The Stochastic Oscillator can confirm sentiment. The stat is above the oversold zone. If SAND loses its current level, it can find new support.
A bullish turnaround in Sandbox is not on the horizon. The token remains locked in a consolidation. Momentum indicators are showing bearish signals and SAND could retest lower levels.