Will SAND rally higher following the South China Morning Post partnership?
SAND is up by less than 1% in the last 24 hours despite announcing a partnership with the South China Morning Post.
The broader cryptocurrency market has been experiencing a mixed performance since the start of the week. Thanks to the mixed performance, the total cryptocurrency market cap has been above the $1.7 trillion level over the past few days.
Bitcoin, the leading cryptocurrency by market cap, is up by more than 2% in the last 24 hours. The other leading cryptocurrencies like Ether and Cardano are also performing well at the moment.
SAND, the native token of The Sandbox ecosystem, is up by less than 1% over the past 24 hours. This is despite the South Morning China Post (SCMP) announcing in a tweet that it has launched its first metaverse experience in The Sandbox.
SCMP said it is the first media company in the world and the first Hong Kong company to launch its metaverse experience.
However, the announcement didn’t push SAND’s value higher over the past 24 hours.
Key levels to watch
The SAND/USD 4-hour chart shows that SAND is performing well. The technical indicators show that SAND’s performance could improve over the coming hours.
The MACD line crossed into the positive zone a few hours ago. Meanwhile, the 14-day RSI of 52 shows that SAND could enter the overbought region if the positive momentum increases.
At press time, SAND is trading at $2.836. If the positive momentum increases, SAND could surpass the first major resistance level at $3.210 over the coming hours. However, it would need the support of the broader cryptocurrency market to trade above $3.5 for the first time since February.