Who attended SAND’s new year celebration?- a party hosted by prices

• Sandbox hosted a virtual NY event on their platform.
• Recently launched Bug Bounty program.
• Volume fell by more than 24%.

On the occasion of the new year, Sandbox hosted a virtual event on its metaverse platform. It’s one of the highlights of this platform, which provides it with an upper hand over others. This virtual meeting facility may evolve in the future and benefit the platform as it has already inculcated a few features to stand out.

It also launched a Bug Bounty program to attract developers to report bugs in their blockchain ecosystem and earn rewards of upto $200,000 in SAND. This will have a twofold impact; the network will be enhanced and secured, and the users will interact with the SAND and get to know it better. However, until now, no major traffic has been received by the network, and users did not respond as expected.

Monoscopic view

Source: SAND/USDT by Tradingview

The SAND prices have formed a falling parallel channel for most of the second half of 2022. The current price action takes place below the half line and encounters active selling. A solid bull momentum may be established if prices sustain above the 50-EMA, near the breakout level of $0.57. The bull swing may send prices near $0.88. Currently, all crucial EMAs float above the price of $0.392.

Source: SAND/USDT by Tradingview

When combined with the horizontal CMF, the falling pattern suggests a surge may occur soon. The MACD records withdrawing sellers and a rise in buyer interests. The RSI, at present, is in the oversold zone but slops up as the sellers forfeit. These all combined suggest a transition occurring.

Microscopic view

Source: SAND/USDT by Tradingview

The smaller time frame analysis shows prices moving sideways and consolidating, indicating a price rise in the near term. A similar movement is seen in the CMF, which moves parallel to the baseline. The MACD also records a transition from sellers to buyers, with both interest lines rising to pierce the zero-histogram mark. The RSI moved straight up to the higher ranges beyond the half line and signals buyers entering the ecosystem.

Conclusion

The future holds potential for the Sandbox ecosystem as many updates are lined up and may help in enhancement of the metaverse platforms. SAND in response to this, may behave positively and attract many new users. The $0.37 is to be supervised to enter the market.

Technical levels

Support levels: $0.37 and $0.22

Resistance levels: $0.88 and $1.07

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.