SAND likely to continue its climb courtesy of sustained demand. The price levels investors should consider for short-term profit-taking. The metaverse and NFT projects may experience renewed interest in 2023 and hence the need to look into their potential. One such project is The Sandbox which recently made a major development-related update. But more importantly, […]
The surge in ETH whale demand is quite an interesting observation considering SAND’s latest performance. The token pulled off a 24% rally in the first week of January.
The demand from ETH whales increased the chances of SAND extending its bullish momentum into another week. But this prospect might be dampened by potential profit-taking as the price approaches profit-taking zones.at press time and an extended upside may push SAND towards the $0.50 range. The latter could be taken as an important price zone for the token because it will come into contact with the 50-day Moving Average.
The price will also be within the 50% Relative Strength Index level if not above. This retest is more likely to boost the likelihood of short-term profit-taking, and thus the possibility of a bearish retracement.The buying pressure from ETH whales may boost investor sentiment and support an extended rally. In addition, The Sandbox recently announced its upcoming launch of a new metaverse game called Game Maker 0.8. This announcement may have also contributed to a favorable investor sentiment.
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