Sandbox token SAND rallies 260% in November ahead of play-to-earn metaverse launch
SAND, the native token of the Sandbox — a blockchain-based gaming platform owned by Animoca Brands, inched higher on Tuesday, building on its gains made all across November, to reach another record high.
SAND token price rose to $5.64 after swelling 16.25% intraday but retraced some of those gains to trade at $5.54 at the press time. The move took the Sandbox token's month-to-date (MTD) and year-to-date (YTD) gains to nearly 260% and over 14,700%, respectively, with its market capitalization crossing above $5 billion, making it the 41st-largest coin in the sector.
That does not mean that the bull trend is over, but alerts about a possible short-term pullback move. The following chart shows the potential entry and exit targets for the sessions ahead, based on the Fibonacci retracement graph between $0.17-swing low and $8.72-swing high.
A pullback upon testing 0.382 Fib level at $5.45 could have SAND return to its next support line at the 0.5 Fib level, near $4.45. The same line has acted as resistance during SAND's upside attempts between Nov. 18 and Nov. 22.
Conversely, a continued move above $5.45, accompanied by a rise in volumes, may open the possibility for SAND to test $6.70 — at 0.236 Fib level — as its next upside target.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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