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SAND is on the Move, with $8.00 back in View

By:
Bob Mason
Updated: Dec 26, 2021, 08:26 UTC

SAND was back on the move on Saturday, with favorable metaverse news bringing $7.00 levels back into play. Avoiding sub-$6.50 levels will be key near-term.

Russia Moscow 30.05.2021.Logo,screenshot of blockchain nft ethereum cryptocurrency game Sandbox in laptop,mobile phone.Man playing with crypto coins,token sand.Earning digital money.Lands,heroes

After hitting an ATH $8.46 on 25th November, SAND had been in reversal before finding pre-holiday support.

Upbeat metaverse news, however, has provided SAND with a new lease of life.

On Thursday, SAND surged by 23.3% to revisit $6.3 levels after having fallen back to $4.2 levels in early December. There was further upside on Saturday, with SAND rallying by 14.93%.

The latest surge has come off the back of favorable metaverse news. News of PwC Hong Kong buying LAND in the Sandbox was the key driver on Saturday. A Big-4 accounting firm entering the metaverse was big news and certainly put SAND back in the limelight.

PwC Hong Kong joins a growing list of big names entering the Metaverse. Recently, we also covered news of Chinese tech firms entering the metaverse. The moves came in spite of Chinese government warnings. Big names included Hua Wei Technologies Inc., NetEase, Tencent, and Hisense.

Some of the largest Chinese tech firms are among more than 1,300 firms that have applied for metaverse related trademarks.

When considering positive views shared by the likes of Bank of America, more upside is expected. A rejection of some or all of the trademark requests by the PBoC remains a downside risk for SAND. Sentiment towards the metaverse, however, is likely to soften the impact of regulatory action in China.

SAND Price Action

Recovering from a fall back to sub-$4.30 levels, it’s been uphill since then for SAND. Finding support at the 50 EMA mid-month, SAND has tested resistance at $7.00 this morning before easing back. SAND’s current month high sits at $7.03 struck on 1st December.

Following Saturday’s rally, a break back through to $7.00 levels would support at run at $7.50 levels. Key, however, would be to break down resistance at the current month high $7.03.

Looking at the EMAs, we have seen the 50 EMA continue to pull away from the 100 and 200 EMAs this week. With the indicators pointing to more upside ahead, avoiding sub-$6.50 will be key.

At the time of writing, SAND was down by 0.51% to $6.67.

SANDBUSD 261221

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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