The Sandbox (SAND/USD) crashed nearly 5% on Monday, extending its losing streak in the bear market. The loss took the token to an annual low of $0.52 before recovering slightly. As it stands, the Metaverse platform token is under the control of bears.
Not only SAND is under pressure. Metaverse colleagues are feeling the heat of a very quiet virtual reality space in the midst of a protracted crypto winter. This year’s activity is below par for an industry expected to experience unprecedented growth.
Take the example of Horizon Worlds, the flagship metaverse for tech giant Meta. As of October, reports indicated that Horizon had accumulated fewer than 200,000 monthly active users. Unless a miracle happens, Meta is unlikely to reach 500,000 MAUs by the end of the year, as initially expected.
Whether the low activity in the metaverse is related to the crypto winter, time will tell. Right now, the metaverse is just underperforming. The Sandbox token is therefore in a prolonged downturn as fewer entities enter the nascent sector. Will the token hit a new low?
SAND heading for $0.40 next?
SAND/USD chart by TradingView
On the weekly chart, there is no clear bottom price for the Sandbox token. However, the area around USD 0.4, when SAND started to turn bullish, should remain interesting. This means that SAND can decrease by up to 30%. Nevertheless, looking at the candlestick price pattern, the bear market is cooling down.
When to buy SAND?
The price of SAND is bearish and not attractive to a to buy. Nevertheless, significant price declines are unlikely and SAND could begin a reversal if the RSI reaches oversold levels. Still, prevailing crypto sentiment should lead to a bullish turnaround for the cryptocurrency.
Where to buy SAND
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