The Sandbox partners with Japan’s Toei Animation company, SAND price yet to respond

The Sandbox, an Ethereum-based metaverse and gaming company, announced on February 16, its partnership with Japan’s animation studio giant Toei Animation. The latter is well-known for its work in animating wildly popular manga like One Piece, Dragon Ball Z, Sailormoon, and so on.

The Sandbox and Toei Animation come together

In its announcement, The Sandbox stated that in addition to Toei Animation Studio, it would also bring in Minto, a company in the same sector that deals with advertising, character production, webtoon, and web3 businesses. 

This announcement stated that this partnership will “deliver TOEI ANIMATION’s world view through experiences on its LAND.” To commemorate this deal, The Sandbox announced it would be giving away 1,000 free NFTs to initial participants. But the blog further noted that the NFTs would not be based on Toei’s content. 

Satoshi Shinohara, Managing Director of Toei Animation Co. LTD. stated,

We are very happy and proud to be working with The Sandbox and Minto as our partners. I am confident that the “FLEET” we have assembled will be able to discover new continents and new routes that will guide the entertainment industry for years to come.”

SAND price fails to react

SAND price has already rallied 24% in the last two days, pushing the Relative Strength Index (RSI) into the overbought territory. During this ascent, the altcoin ignored two red ‘one’ sell signals flashed by the Momentum Reversal Indicator (MRI). 

The Fibonacci Extension tool shows that if the bullish momentum gathers steam, SAND price could extend to tag the 161.8% Fibonacci extension level at $0.824. In a highly optimistic condition, the altcoin might retest the 261.8% Fib level at $0.917, bringing the total gain to 15%. 

SAND/USDT 2-hour chart

On the other hand, if SAND price retraces and produces a four-hour candlestick close below $0.692, it would create a lower low and invalidate the bullish thesis for SAND.