The Metaverse theme continues to attract the biggest global companies. On Monday (22), sports equipment manufacturer Adidas insinuated that it could enter the Metaverse. And even performed an interaction with The Sandbox (SAND) game profile.
Did someone mention adiVerse? What should we build together with The Sandbox game?”, asked the company in its Twitter profile.
As a result, the SAND token registered strong appreciation on Tuesday (23), up 40%. This appreciation pushed the token to $5.60, renewing its historic high. In seven days, the price of the token accumulates 117% appreciation.
About The Sandbox
The Sandbox is a virtual world created in blockchain similar to games like Minecraft. In it, users can create, build, buy and sell digital assets in the form of a game. It is possible to build buildings, commercial establishments and even entire cities within the platform.
To build, the user needs to purchase one of the various lands for sale in the game. These lands, created in a non-fungible token (NFT) format, are sold on platforms like OpenSea. Each land can be purchased for up to R$28,000 at the current price.
Unlike other blockchain Metaverse games, The Sandbox is quite old. The network was created in 2011 by the Pixowl company, but it was only successful ten years later. Users can also earn SAND tokens and sell them to earn money according to the play-to-earn (P2E) model.
Expectation of new highs?
As of this writing, SAND has formed an ascending channel on the daily chart, as shown in the chart below. As long as the price remains within the limits of this channel, the uptrend remains in effect.
A daily close above the upper limit of the pattern ($5.54) could push the SAND back to the level of $5.60. In this sense, the price should reach US$5.63 and then seek new highs.
However, there is an obstacle in this trajectory. The price action impacted both the Relative Strength Index (RSI) and the moving average convergence (MACD) divergence indicators. In both cases, they have reached a level that indicates extreme price surcharges.
That is, the RSI and MACD point to a correction in the short term. In this case, the first support is in the region of $4.98. If the SAND fails to maintain this support, the token could seek even lower levels and drop to $4.54.
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