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Sandbox (SAND) up 260% in November


Sandbox (SAND) is up 260% in November


 

Sandbox (SAND) is up 260% in November

Sand, the official currency of Sandbox, a blockchain-based gaming platform owned by Animoca Brands, rose on November 23rd, building on its November gains to another record high. Sand
 
rose to $5.64 after rising 16.25% during the day, but bounced back some of those gains to trade at $5.54 at the time of writing. The move raised monthly and to-date gains from The Sandbox to nearly 260% and more than 14,700%, respectively, with a market value exceeding $5 billion, making it one of the top 41 currencies in the encryption sector.
 

 The factors driving the increase in the price of sand currency

 
This month's abundance is partly due to The Sandbox's announcement that it will open part of the metaverse at the Alpha Multi-Week Event, which begins on November 29 at 1:00 p.m. UTC.
 
In more detail, the blockchain startup has confirmed that it will select a group of 5,000 players to win up to 1,000 SAND (currently valued at $5,540) and three non-replaceable codes (NFT) while spending time across 18 virtual Sandbox trials.
 
Furthermore, the recent buying shift across sand spot markets—which has seen prices rise by more than 37% and 40% in the last 24 hours against the US dollar and Bitcoin, respectively—came in the hope of possible collaboration between Sandbox and sports.Adidas is a sportswear conglomerate.
 
On Monday, Adidas discussed on Twitter the possibility of building a so-called "adiVerse" with sandbox support.
 

Difference in the relative strength index

 
Despite strong fundamentals, SAND risks rushing into the bull trap, with its price trends showing clear deviations from the Relative Strength Index (RSI).
 
Specifically, the RSI usually returns higher values when the market rises and lower values when it declines. From time to time, the RSI and the market move in the opposite direction, leading to so-called RSI differences.
 
However, the decline in RSI and the bull market show a bearish divergence. Since the beginning of November, SAND has formed a similar divergence to the RSI, a sign that momentum in moving upwards has been slowing.
 
This does not mean that the bullish trend is over, but it warns of a possible short-term downturn. The following chart shows potential entry and exit targets for upcoming sessions based on the Fibonacci correction chart between $0.17 for a swing bottom and a higher swing of $8.72.
 
A drop when testing the fibonacci level of $0.382 at $5.45 could lead Sand to return to the next support line at 0.5 Fibonacci, near $4.45. The same line was resistant during SAND's bullish attempts between November 18 and 22.
 
On the contrary, continued movement above $5.45, accompanied by a rise in volumes, may indicate the possibility of sand testing for a $6.70 test—at a Fibonacci level of 0.236—as its next bullish target.
 

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