How bullish is the Sandbox token?
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Sandbox announced a partnership to take DBS to the metaverse.
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Metaverse is estimated to go up to $13 trillion in value in the current decade.
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Sandbox is yet to post strong gains amid the partnership.
Metaverse – an integrated network that promises virtual worlds and a 3D version of the internet. The network will be a $13 trillion opportunity by 2030, according to Citi analysts. The craze to enter the 3D virtual reality world grew exponentially in 2021. It has since cooled down, taking with it the tokens of Metaverse platforms such as Sandbox SAND/USD.
There is still hope as companies again show interest in the yet-to-be-exploited space. On September 9, banking giant DBS said it was entering the metaverse through the Sandbox. DBS is set to purchase a 3*3 piece of real estate on The Sandbox. The partnership will give birth to DBS BetterWorld, an interactive experience in the virtual space.
Revisiting SAND after the DBS partnership
While the DBS partnership rekindles the memories of the metaverse, SAND is yet to react strongly. The token is up only 1.55% in the last one week.
Source – TradingView
From the technical outlook, SAND is recovering. A bullish MACD crossover confirms a bullish building momentum. However, the current price level remains vulnerable.
The established resistance for SAND is $1.00. The cryptocurrency currently trades at $0.966. The price is already facing resistance at or slightly below $1.00. Although the price has slightly crossed above the 20-day MA, the momentum is weak. The possible price move is bearish unless SAND reclaims $1.00.
Concluding thoughts
Sandbox recently welcomed DBS to the metaverse. The native token is yet to post significant gains. The slow gains may indicate that crypto’s macro-issues are far from over. SAND faces resistance at $1 while the momentum looks weak.
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