The cryptocurrency market has performed positively for the third day in a row this week.
The cryptocurrency market is performing positively after adding 1% to its value over the past 24 hours. The overall market cap remains above $900 billion due to the good performance of bitcoin and others.
Bitcoin has maintained its price above $20k after adding more than 1% to its value. BTC is up less than 1% in the past seven days.
Ether continues to track the $1,200 resistance level after gaining less than 1% over the past 24 hours.
However, Sand, the native token of the sandbox metaverse, is the best performer among the top 40 cryptocurrencies by market cap. SAND has increased its value by over 13% in the last 24 hours and is currently trading above $1.2 per coin.
The ongoing rally of SAND can be attributed to the launch of sandbox bug bounty program a few hours ago.
According to the team, the bounty program is designed to engage the community and reward users for reporting bugs on sandbox smart contracts already in production.
prime level to watch
Sand/USD 4-hours chart is positive as Sandbox has been performing well in recent days. Technical indicators suggest that SAND is currently outperforming the broader cryptocurrency market.
The MACD line moved into positive territory earlier this week and remains there as SAND is rallying.
Meanwhile, the 14-day Relative Strength Index of 71 suggests that the sands may soon enter overbought territory if the momentum continues.
If the rally continues, SAND may cross the $1.38 resistance level before the end of the day. Extended bullish performance could see SAND try to reach the $1.5 resistance point for the first time this month. However, it would require the support of the broader market to make such a move.