Are we likely to see a bullish reversal on Sandbox soon?
Sandbox has lost over 80% since peaking above $8
The token is currently trading at less than $1 and could go lower
The blockchain gaming platform had its first metaverse wedding this week
Sandbox SAND/USD is trading at $0.8745 after a dismal 1.08% gain in the past day. The metaverse token is down by a whopping 89% from the November ATH. Despite the huge sell-off, Sandbox is weathering the storm by introducing new use cases.
The blockchain-based gaming platform held its first metaverse wedding five days ago. Sandbox COO Sebastian Borget officiated the event. The function was live on the blockchain with digital avatars replicating reality.
Aside, Sandbox is gaining ground among financial institutions. This month, the largest Southeast Asian bank, DBS, partnered with the network to launch lending services. Other financial giants like JP Morgan and HSBC have taken their services to the virtual space. Let’s get into the details.
The Sandbox is a gaming platform with three integrated products. First, the Voxel editor, a 3D voxel modeling that allows for NFT creation for PC and Mac. The second product is the Sandbox NFT marketplace. The platform enables users to upload, publish, and sell NFT creations. Lastly, Sandbox game maker is meant for building 3D games at no charge.
Broadly, Sandbox is designed for building, owning, and monetizing gaming experiences. Away from the fundamentals, Sandbox is looking bearish at key support.
SAND retreats to the bottom of a horizontal channel
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Source: TradingView
Technically, SAND has been locked in a consolidation pattern since May. It has been oscillating between $0.8 support and $1.4 resistance. Currently, below the 20 and 50 moving averages, SAND could easily lose the current support. The Stochastic Oscillator can affirm the sentiment. The metric is above the oversold zone. If SAND loses the current level, it could find new support.
Concluding thoughts
A bullish reversal in Sandbox is not on the horizon. The token remains locked in a consolidation. Momentum indicators are showing bearish signals, and SAND could retest lower levels.
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