Aaryamann Shrivastava
FXStreet
- The Sandbox price rose from trading at $0.77 to $0.93 and is set to breach the $1 mark.
- The Sandbox COO announced the Metaverse MOU signing with Saudi Arabia’s Digital Government Authority.
- SAND is rising rapidly, hitting 3% on the charts, making a further rise of 28% highly probable.
The Sandbox is considered the flagbearer of the Metaverse world, and individuals across the seas recognize the same. As a result, the virtual world token is experiencing extreme bullishness, which could harm the coin’s sustained rise if not within control.
The Sandbox joins hands with Saudi Arabia
The Sandbox COO and co-founder Sebastian Borget announced Tuesday in a LinkedIn post that the Metaverse cryptocurrency company signed a memorandum of understanding (MOU) partnership with the Saudi Arabia Digital Government Authority (DGA). An MOU allows both entities to share and engage in making the most of Metaverse and the existing technology.
The Sandbox is expanding its reach by signing an MOU with Saudi Arabia and partnering with other entities. An instance of the same is The Sandbox joining hands with the popular game Cut the Rope’s creator ZeptoLab. The company is set to experience the Metaverse with The Sandbox, developing digital collectables for the company.
Thus, despite users' swinging interest in the Metaverse space, The Sandbox is pushing through and including more and more entities along with itself. This has been reflected in the price of its token, SAND, as well.
The Sandbox price climbs new highs
The Metaverse token is already testing the immediate resistance level at $0.920. The 28% increase in price in the last 24 hours suggests some more rise could be noted going forward.
In that case, The Sandbox price could easily tag the resistance level at $1.01. Flipping it into a support floor will allow the price to bounce off and breach the critical resistance at $1.08. Pushing through it will enable SAND to tag $1.17 and mark a 27% rise.
SAND/USD 1-day chart
However, if the 28% rise from yesterday is corrected and The Sandbox price dips, it would end up tagging the support level at $0.815. Losing the same would bring SAND to yesterday’s opening price of $0.700 and tag the critical support level. A daily candlestick close below this level would invalidate the bullish thesis, pushing the price to $0.660, marking a 27% decline.
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