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Is Metaverse Making a Comeback?

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The Sandbox (SAND) has seen a significant price surge in recent weeks, with the altcoin rallying by 239% throughout November. This surge brought SAND to a 22-month high, leading many to question whether this price increase signals a resurgence of the Metaverse. 

As SAND continues to gain momentum, market observers are closely watching for further signs of the Metaverse’s revival in the crypto space.

The Sandbox Investors Note Gains

Recent data from the GIOM (Global In/Out of the Money) indicator shows that approximately 525 million SAND, valued at over $417 million, are approaching profitability. This supply was purchased between the price range of $0.60 and $0.82. 

As of today, SAND reached an intra-day high of $0.89, pushing this previously dormant supply into profit. If these holders continue to hold their positions, the potential for further price increases is high. This could drive SAND even higher, potentially fueling more bullish momentum in the near future.

SAND GIOM
SAND GIOM. Source: IntoTheBlock

The macro momentum of The Sandbox is influenced by the distribution of SAND tokens. Currently, short-term holders, those holding for less than a month, make up approximately 22% of all SAND in circulation. 

This high concentration of short-term holders means that any significant sell-off by this group could lead to a correction in price. Short-term holders tend to react quickly to market movements, and if they choose to lock in profits, it could introduce downward pressure on the price.

SAND Supply Distribution
SAND Supply Distribution. Source: IntoTheBlock

SAND Price Prediction: Growth Ahead

SAND hit a 22-month high of $0.89 over the last 24 hours, rising by approximately 45%. This surge marks an impressive milestone for the altcoin, but the sustainability of this rally depends on broader market conditions. If the Metaverse narrative continues to gain traction and positive sentiment persists, SAND could maintain its upward trajectory.

The next key resistance level for SAND is $1.00, a psychological barrier that could trigger further gains if surpassed. However, if the broader crypto market faces a downturn or if short-term holders decide to sell, SAND could face a correction. In that case, the altcoin might test support levels around $0.70 or lower.

SAND Price Analysis.
SAND Price Analysis. Source: TradingView

Ultimately, SAND’s price will be influenced by market sentiment and the broader adoption of Metaverse platforms. If The Sandbox can maintain its appeal and attract long-term investors, it could see further gains, potentially revisiting its previous all-time highs. However, investors should remain cautious of the volatility driven by short-term market participants.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Ethereum Price Recovery Stalls—Bears Keep Price Below $2K

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Ethereum price attempted a recovery wave above the $1,880 level but failed. ETH is now trimming all gains and remains below the $1,880 resistance zone.

  • Ethereum failed to stay above the $1,850 and $1,880 levels.
  • The price is trading below $1,850 and the 100-hourly Simple Moving Average.
  • There was a break below a key bullish trend line with support at $1,865 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $1,865 and $1,890 resistance levels to start a decent increase.

Ethereum Price Fails Again

Ethereum price managed to stay above the $1,800 support zone and started a recovery wave, like Bitcoin. ETH was able to climb above the $1,850 and $1,880 resistance levels.

The bulls even pushed the price above the $1,920 resistance zone. However, the bears are active near the $1,950 zone. A high was formed at $1,955 and the price trimmed most gains. There was a break below a key bullish trend line with support at $1,865 on the hourly chart of ETH/USD.

A low was formed at $1,781 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the $1,955 swing high to the $1,781 low.

Ethereum price is now trading below $1,850 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,850 level. The next key resistance is near the $1,865 level and the 50% Fib retracement level of the downward move from the $1,955 swing high to the $1,781 low.

Ethereum Price
Source: ETHUSD on TradingView.com

The first major resistance is near the $1,920 level. A clear move above the $1,920 resistance might send the price toward the $1,950 resistance. An upside break above the $1,950 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $1,865 resistance, it could start another decline. Initial support on the downside is near the $1,800 level. The first major support sits near the $1,780 zone.

A clear move below the $1,780 support might push the price toward the $1,720 support. Any more losses might send the price toward the $1,680 support level in the near term. The next key support sits at $1,620.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,780

Major Resistance Level – $1,865



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Cardano (ADA) Downtrend Deepens—Is a Rebound Possible?

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Cardano price started a recovery wave above the $0.680 zone but failed. ADA is consolidating near $0.650 and remains at risk of more losses.

  • ADA price failed to recover above the $0.70 resistance zone.
  • The price is trading below $0.680 and the 100-hourly simple moving average.
  • There was a break below a connecting bullish trend line with support at $0.6720 on the hourly chart of the ADA/USD pair (data source from Kraken).
  • The pair could start another increase if it clears the $0.70 resistance zone.

Cardano Price Dips Again

In the past few days, Cardano saw a recovery wave from the $0.6350 zone, like Bitcoin and Ethereum. ADA was able to climb above the $0.680 and $0.6880 resistance levels.

However, the bears were active above the $0.70 zone. A high was formed at $0.7090 and the price corrected most gains. There was a move below the $0.650 level. Besides, there was a break below a connecting bullish trend line with support at $0.6720 on the hourly chart of the ADA/USD pair.

A low was formed at $0.6356 and the price is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the $0.7090 swing high to the $0.6356 low. Cardano price is now trading below $0.680 and the 100-hourly simple moving average.

On the upside, the price might face resistance near the $0.6720 zone or the 50% Fib retracement level of the recent decline from the $0.7090 swing high to the $0.6356 low. The first resistance is near $0.6950. The next key resistance might be $0.700.

Cardano Price

If there is a close above the $0.70 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.7420 region. Any more gains might call for a move toward $0.7650 in the near term.

Another Drop in ADA?

If Cardano’s price fails to climb above the $0.6720 resistance level, it could start another decline. Immediate support on the downside is near the $0.6420 level.

The next major support is near the $0.6350 level. A downside break below the $0.6350 level could open the doors for a test of $0.620. The next major support is near the $0.60 level where the bulls might emerge.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.6420 and $0.6350.

Major Resistance Levels – $0.6720 and $0.7000.



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XRP Price Under Pressure—New Lows Signal More Trouble Ahead

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

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At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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