The Sandbox Price Prediction May 2022: Will SAND Reach $10 in May?
SAND Technical Analysis — May 2022
The price of The Sandbox (SAND) has been in a bearish trend in the last few months. Ever since SAND hit an all-time high in November of 2021, close to $8.50, the price has been on the fall. It entered 2022 at an average price of around $6. The price dropped to as low as $2.50 by the third week of January, where it found strong support. After that, the price of SAND had a correction of around 90%, where it faced resistance at $4.90. While that hinted at a possible reversal, the price started declining once again. After another decline of almost 50%, SAND found support at $2.50 once again. SAND continued to respect the upper and lower trends created in the 1-day chart. The price pattern has created a descending triangle. This pattern is usually followed by a bearish surge in the price. Whether that occurs depends on the support level of SAND at $2.50, which has proved to be strong on numerous occasions in the last few weeks. Nonetheless, SAND is bearish, and the fear and greed index supports that. The Bollinger bands suggest that price volatility has declined recently, but that can easily change if a breakout occurs soon. [caption id=”attachment_25142" align=”alignnone” width=”2474"]
SAND/USDT 1-Day Chart.[/caption]
Both the 20-MA and the 50-MA lines of a 1-day chart are above the current price of SAND. This indicates that the current trend is bearish for SAND in the coming weeks. Moreover, the MA lines could act as potential structures of support if the price attempts a rebound. The 9-EMA of a 1-day chart is also currently above the price, meaning that the price of SAND may keep declining in the shorter run, other things equal.
Relative Strength Index
The RSI of a 1-day chart is currently below the equilibrium level, meaning that the selling pressure is high and that the overall price of SAND is bearish in the short run. If the price keeps declining and the RSI gets below 30, we could see SAND have another correction. [caption id=”attachment_25143" align=”alignnone” width=”2474"]
SAND/USDT 1-Day Chart RSI.[/caption]
The MACD line of a 1-day chart is currently below the signal line and below the baseline. While the lines are relatively close, are signs of divergence in the short run, meaning that the lines may not intersect and that the momentum may remain bearish in the short run. [caption id=”attachment_25144" align=”alignnone” width=”2474"]
SAND/USDT 1-Day Chart MACD.[/caption]
The Fibonacci retracement levels of a 1-day chart in the recent downtrend suggest that the price faced resistance at the 38.2% level, meaning that the price could keep declining in the coming days, other things equal. [caption id=”attachment_25145" align=”alignnone” width=”2474"]
SAND/USDT 1-Day Chart Fibonacci Levels.[/caption]
Price Prediction SAND — May 2022
Based on this technical analysis on The Sandbox (SAND), the price of SAND may keep declining in the 1-day chart if support at $2.50 is broken. If that happens, we could see SAND go below $2 in the coming weeks, other things equal. However, since all technical indicators are currently bearish for SAND, this could be the right time for a reversal. If the upper trend line is broken, SAND may rebound and retest resistance at $3.60, which, if broken could lead to a new trend in the 1-day chart. Nonetheless, the price of SAND may largely depend on the price movement of other cryptocurrencies, particularly Bitcoin (BTC). If the latter manages to correct, there’s no reason to believe that SAND cannot reverse the trend, other things equal.
Latest News for SAND — Affecting Price
While technical indicators could describe the potential outcome of SAND in the short run, cryptocurrencies are highly volatile and can be easily affected by fundamental changes. When it comes to The Sandbox (SAND), the latter has recently partnered with various large global firms for its Mega City 2 metaverse event in Hong Kong. Some of these partnerships include Ocean Park, Standard Chartered, Regal Hotels Group, Tatler Asia, EVI, Brinc, MADworld, Gameone, Chord Hero, UFO School, and Time Gates of Hong Kong Pop Culture.
In other news, The Sandbox is seeking to raise around $400 million worth of funding in the coming weeks. The company behind The Sandbox is continually talking with potential investors and existing ones. With a valuation of $4 billion, SAND is looking for more funding which could help it further develop its metaverse ecosystem. Moreover, The Sandbox is also working on sustainability. For Earth Day, the project announced that it is working on reducing the carbon footprint from NFTS up to 99%. This makes SAND one of the very few projects to do so in the short run.
Therefore, despite the fact that SAND may not be performing well in the technical aspect, its fundamentals suggest that there is space for growth in the coming weeks. A price of $10 has never looked impossible for The Sandbox (SAND), but it may not happen in the shorter run with the current market trends. https://crypto-academy.org/the-sandbox-price-prediction-may-2022-will-sand-reach-10-in-may/?feed_id=4229