- The Sandbox has been down 4.77% in the last 24 hours.
- The SAND token fell to its lowest price since January 25th.
After a few weeks of bucking the trend, sandbox virtual-reality platform token SAND has finally caught up with the rest of the crypto market. Negative market sentiment was signaled early Tuesday when the cryptocurrency fell below the 200-day moving average (MA) of other crypto subsectors. During the Asian trading session, the currency fell to its lowest price since January 25th, falling below the key $2.93 mark. In July 2021, it last traded below the 200-day MA.
Bears Take Over
Scaling solution Polygon has just implemented a staking mechanism for SAND, enabling players to stake SAND without incurring transaction costs. The stock continued its downward path toward the 200-day moving average (MA) despite the gain. Staking is the technique of locking up currencies in a blockchain for a certain amount of time in exchange for incentives that help to strengthen security.
Long-term patterns may be identified by comparing the average closing price of the past 200 days to this metric. If a stock is trading below its 200-day moving average, the conventional wisdom in finance is that the trend is mostly downward.
The last of the major currencies to reach the so-called negative region beneath the 200-day MA is SAND, which rose by over 750 percent in the last three months of 2021. Late in December, the value of the most popular cryptocurrency, Bitcoin, fell below the average. According to CoinMarketCap, The Sandbox price today is $3.08 USD with a 24-hour trading volume of $1,273,289,847 USD. The Sandbox has been down 4.77% in the last 24 hours.
