general view on sandbox (sand) There has been a slowdown in the last few weeks. The Metaverse token is now approaching an important support point in its price action. What happens from there will determine how it plays out in the near term. But can the sandbox (SAND) break the downtrend? The analysis is below but first, some highlights:
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The sandbox (SAND) declined sharply to the $4.2 support area after the start of the year bearish.
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Although this support level remains strong after being tested twice earlier, the bears are under heavy pressure.
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At the time of writing, the coin was trading slightly above this zone and trading at $4.31, up about 2.5% in 24 hours.
Data Source: TradingView
Sandbox (SAND) – Price Action and Analysis
Like most coins in the crypto market, the sandbox (SAND) has seen a steady decline for most of the year. The coin is actually trading 15% lower than it was seven days ago, although it has managed to combine some of those losses with a 2% intraday gain.
However, the downtrend sent SAND towards its crucial support of $4.2. The support has been tested twice before this year and has been strong. But if SAND fails to stop the downtrend this time around and falls below the $4.2 mark, the coin could fall further to $3.3 and eventually $2.8.
But, if the bulls can hold off the pressure and maintain gains above that range, a quick rally towards $4.6 in the near term is quite possible.
Should you buy a sandbox (SAND)
Yes, sandbox (SAND) is one of the most popular tokens right now due to the anticipation of the metaverse. The coin was also one of the biggest performers in 2021, and despite a rocky start to the new year, the long-term sandbox (SAND) will still provide investors with incredible value. So it’s a good buy right now.