Sandbox price prediction as a bearish pennant

By May 16, 2022The Sandbox
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Sandbox price remained in a tight range as investors reacted to the new roadmap plan for LAND holders. SAND is trading at $1.3225, which is significantly above last week’s low of $0.9272. As a result of this rebound, the market cap of the coin rose to over $1.65 billion.

Sandbox Roadmap

The Sandbox is a leading blockchain project that sits in the metaverse and gaming industry. The network helps people and businesses participate in the metaverse in several ways.

For example, the developers regularly hold the Alpha Season event where players participate in games and earn money by winning. This money usually comes in the form of SAND, the native token of the network.

The platform also has a diverse NFT Marketplace, where people can purchase products such as avatars and other virtual goods. It is one of the most popular NFT marketplaces in the industry.

More importantly, people can buy virtual land and resell it later for a fee. Some people have spent millions of dollars on this virtual earth.

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At the same time, many companies like HSBC and Standard Chartered have entered into agreements with Sandbox. These companies purchased virtual goods on the platform for marketing purposes.

In a statement on Monday, the developers announced the roadmap for LAND holders. The developers will distribute 5 million SAND to all holders. At the current price, this cast will be worth over $6 million.

At the same time, LAND and ASSET will be moved to Polygon, a leading Layer 2 network with the aim of reducing transaction costs. People who migrate to Polygon will be eligible for over one million SAND rewards.

Yet the biggest concern for investors is whether the recent rally is real or a bearish rally.

The Sandbox Price Prediction

On the 4H chart, we see that the price of SAND has been following a strong downtrend over the past few months. The selling accelerated last week as Terra USD tumbled. Now the coin has formed what looks like a bearish pennant pattern which is depicted in blue.

It also moved slightly below the 25-day moving averages while the return of the Relative Strength Index (RSI) stagnated at 50. Hence, the pair is likely to stage a major pullback as the pennant pattern approaches its level of confluence. If this happens, the next key support will be at $1.10.

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