Launched in 2011 by Pixowl, <a href="https://www.cryptoknowmics.com/news/snoop-dogg-forays-into-nft-metaverse-segment-with-the-sandbox/">The Sandbox</a> is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralized autonomous organizations (DAO) and non-fungible tokens (NFTs), the Sandbox creates a decentralized platform for a thriving gaming community. Arthur Madrid is co-founder and CEO at Pixowl, and he is one of the driving forces behind The Sandbox. Sebastien Borget is also a co-founder at Pixowl and serves as the COO of the company.

Let us look at the technical analysis of SAND.
<h2><b>Past Performance</b></h2>
On October 26, 2021, SAND <a href="https://www.cryptoknowmics.com/news/sand-technical-analysis-high-resistance-being-met-expect-more-highs-crossing-1-31/">opened</a> at $0.8072. There was a parabolic increase in SAND’s price in the last week. It closed yesterday at $2.11. Thus, the weekly change was an astonishing 161.39%. The 24hr high was $3.27 whereas the 24hr low was $1.58.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/j/JfWFF9ex.png" alt="TradingView Chart" />

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Source: <a href="https://www.tradingview.com/x/JfWFF9ex/">https://www.tradingview.com/x/JfWFF9ex/</a>
<h2><b>SAND Technical Analysis</b></h2>
A steep incline can be seen in the graph. The price broke the resistance at $0.8726 and the sudden increase started. This was after weeks of restricted movement between $0.8726 and $0.5617. The current trading price is $2.7 which is 26.5% above yesterday’s closing price.

A steep incline can be seen in the<strong> OBV graph</strong> as well. This is a signal that the buying volume has increased dramatically as compared to the selling volume. This is a bullish signal for the traders to take a long position.

While this sudden increase is seen, Sandbox has also announced a giveaway for $200,000 SAND, which will be ending November 4, 2021.

The <strong>RSI</strong> had entered during the past week and is still in the overbought region. It is currently at 86.28%. This shows great strength in SAND’s price. However, being overbought means that the bubble may break at any time as well. It is advisable for traders to be cautious.

The market cap for SAND has also increased from $1.87 Billion to $2.43 Billion.

<strong>MACD</strong> is again confirming the past week’s parabolic movement. This can be seen as the Fast line is moving suddenly up while the histogram’s bares are increasing in height. Both the MACD line and the Signal line are positive.
<h2><b>Day-Ahead and Tomorrow</b></h2>
Thus, the indicators are giving positive signals, for the uptrend to continue. However, the traders may be cautious as RSI is in the overbought region. They can keep the stop loss at $1.524 and target at $3.5.

Fib Retracement shows that the price has crossed all the pivot levels, including the last level at $1.49.

SAND Technical Analysis: Price Broke the Resistance at $0.8726

In the technical analysis, SAND indicators are giving positive signals, for the uptrend to continue. However, the traders may be cautious as RSI is in the overbought region. They can keep the stoploss at $1.524 and target at $3.5. Fib Retracement shows that the price has crossed all the pivot levels, including the last level at $1.49. 

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

SAND Technical Analysis: Price Broke the Resistance at $0.8726

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