Will Sandbox hit a new all-time high in January?
Sandbox (SAND/USD) was trading over 12% higher on Saturday as many large organisations such as PWC are buying land in the Sandbox Metaverse. Sandbox is a community-driven and user-generated platform that enables users to create and contribute to the metaverse and also allows creators to monetize gaming experience and digital assets on the blockchain. However, unlike other well-known play-to-earn games, The Sandbox doesn't house a predetermined gaming world.
Sand is trading over 30% higher this week and this could just be the start of the rally. After hitting a new all-time high in November, Sand has corrected by over 45%, however, the rally this week could be the indication that the rally is over and that Sand could be ready for a new all-time high. Investors are also expecting high gains in the long term as they expect the Metaverse to grow along with the Value of Sand. Sand saw high buying volumes on Saturday suggesting that the buyers are back and that the correction is over. Thus should you buy Sand with hopes of a new all-time high soon?
Here is what the charts are pointing towards-
After hitting a new all-time high in November Sand corrected and let the RSI settle down as it was in the overbought zone.
The RSI has started increasing now after being stable for several weeks which is suggesting that this is only the start of the rally.
It is looking like Sand will form a cup and handle pattern, thus an up move should be seen in the next week, which could take Sand to a new all-time high.
Sand took support from the 50-day moving average which is a bullish sign and is pointing towards a rally soon.
Investors can take a long entry with a target of a new all-time high however a stop-loss should be kept at $4.5.