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- Sandbox signed an MOU with the Saudi Arabian government.
- The event occurred after the Leap Conference in Riyadh.
- Sandbox and ZeptoLabs announced an alliance.
Sandbox and the Saudi government signed a Memorandum of Understanding (MOU) to “explore, advertise and support” Metaverse. The MOU was signed at the partnership ceremony at the Leap Conference, held in Riyadh. The Saudi Government has embarked on embracing Metaverse and acknowledges their belief that this technology is futuristic. The partnership can be exceptionally beneficial and help it accelerate in the Metaverse sector.
The details of the MOU are not yet disclosed regarding the depth of the partnership, but many have gambled on the thought of Saudi favoring tech advancements for ages. Furthermore, ZeptoLabs and The Sandbox announced entering a strategic partnership. Both parties, via this collaboration, aim to develop a pristine Web3 environment with flashy new experiences.
It was a true honor to sign our MOU partnership ceremony between @TheSandboxGame and the Saudi Arabia Digital Government Authority (DGA) during #LEAP 2023 conference, and we look forward to exploring, advising and supporting mutually each other in activations of the Metaverse pic.twitter.com/mTBYqlwvUa
— Sebastien 🏞 (@borgetsebastien) February 7, 2023
Monoscopic View
The SAND prices have currently witnessed a fall, despite the development in the ecosystem. Indifferent to the fall, the holders are hopeful with the potential bull run due attributed to this partnership. The volume shows selling pressure to prevail in the market. The sideways moving OBV hints at a possibility of improvement. The EMA ribbon forming a bullish crossover (green circle) may give results soon.
The CMF moved closer to the zero-mark to reflect the sharp fall in prices. The MACD recorded sellers and then converged marking a chance for buyers to enter the market. The RSI moves in the upper half to show residual buyer influence in the prices.
Microscopic View
The smaller time frame extends a possibility of price improvement post this temporary downtrend. The CMF floats horizontally above the baseline to indicate bulls preparing to arrive. The MACD gives mixed signals as both buyers and sellers participate in the market. The RSI coincides with the 50-mark to set the market at neutral.
Conclusion
The Sandbox is taking steps to invite bulls to lift the token prices, but it may take some time to show results. The MOU signing will certainly give out benefits in the long term and make it suitable for long term investments. The holder must watch for the recovery and can rely on $0.56 as support.
Technical levels
Support levels: $0.56 and $0.28
Resistance levels: $1.07 and $1.35
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.