- Interest in Sandbox and Metaverse appears too momentous for the cryptocurrency industry to ignore.
- Wednesday’s session saw SAND gaining 19.4%, reviving from the $2.70 low and hitting levels of $3.2.
- Technical indicators gain upside stance, with an imminent bullish cross on its 4hr chart.
SAND sees upside actions, Wednesday’s 19.4% upsurge clearing the path towards $4. Sandbox has never explored these highs since mid-February.
SAND saw bullish actions on Wednesday. The metaverse token rallied from $ 2.69-morning lows to end the day around the high of $3.26. The upside trend during the day emerged as the broad crypto spectrum endured reversal ahead of overnight fiscal policy decisions by the Fed Reserve.
As Bitcoin and other cryptocurrencies suffered from risk sentiment, monetary policy, and inflation, an increase in Metaverse-associated trademark application and developments in Sandbox had SAND well beyond the current year lows of $2.63.
Top Events and Big Players Increase Metaverse Interest
The Metaverse world has seen attention as mainstream investors join the craze. Metaverse offers multiple opportunities besides gaming. COVID-19 pandemic and the Russia-Ukraine war have also demonstrated the value of the virtual world.
Companies applying for Metaverse-connected trademarks are growing as Metaverse events become more frequent. Paris Hilton formed a platform to attract music sector icons to the Metaverse. Warner Music Group purchased a beachfront house in Sandbox, planning to turn the property into a concert venue and musical theme park.
With artists and bands under WMG, including Gorillaz, Red Hot Chili, and Ed Sheeran, digital events will ensure fan engagement and investor attention in SAND and LAND. Moreover, JPMorgan had predicted a $1 trillion valuation for the Metaverse industry.
SAND Price Action
SAND traded at $3.235 at this writing, following a 0.68 decrease. The token should avoid the pivot at $3.07 to climb towards the initial resistance at $3.45. Nevertheless, overall market support is essential for SAND to overcome the morning’s peak at $3.36.
Extended upside will see SAND touching the second resistance at $3.64. Overcoming this hurdle will see the alt climbing towards the obstacle around $4.21.
However, weakness at the day’s pivot would see SAND dipping towards the first support at $2.88. The tokens should avoid plunging towards sub-$2.70 unless an extended decline emerges. SAND’s second foothold sits around the $2.50 mark.
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