Friday, December 9, 2022

SAND is up by more than 10% today

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The cryptocurrency market has performed well in the last 24 hours after a poor start to the week.

The cryptocurrency market has performed well over the past 24 hours. The market has added more than 5% to its value so far today, with the total market cap now above the $900 billion mark once again.

Bitcoin, the world’s leading cryptocurrency, is up by nearly 5% today and currently trades above $21k per coin. Ether is also trading above $1,100 per coin after rallying by over 9% in the last 24 hours.

SAND, the native token of The Sandbox ecosystem, has also been performing excellently in the last few hours. 

SAND has added more than 10% to its value over the past 24 hours as the broader cryptocurrency market embarks on a slow recovery.

The Sandbox’s ongoing positive performance can be attributed to its partnership with Lionsgate. The Sandbox announced its partnership with Lionsgate, a global content leader, and its partner Millennium Media, in a Medium post on Wednesday. 

The partnership will see the entities develop “Action City”, a dedicated LAND that will serve as a thrilling entertainment destination featuring voxelized characters and items.

Key levels to watch

The SAND/USD 4-hour chart is currently bearish despite The Sandbox performing well in the last 24 hours. The bearish trend in the past couple of days negatively affected SAND’s broader performance.

The MACD line remains below the neutral zone but has been moving towards the positive region thanks to the ongoing rally. The 14-day RSI of 44 shows that SAND is no longer in the oversold region. 

At press time, SAND is trading at $0.864 per coin. If the rally continues, SAND could surge past the first major resistance level of $1.02 before the end of the day.

However, the second major resistance level at $1.13 should provide a tougher challenge for the bulls to overcome in the near term.

If the bears regain control of the market, SAND could decline below the $0.80 mark for the second time this week. 

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