On Tuesday, ETH reclaimed new highs amid ongoing bullish options market flows. Meanwhile, virtual reality gaming tokens continued to soar following Facebook’s recent endorsement of metaverse as the next generation of social technology.
SAND price action
Investors have flocked to gaming tokens such as Axie Infinity’s AXS and Enjin Coin, which have seen massive gains recently due to the rising popularity of NFTs. As more crypto aficionados get on the NFT bandwagon, The Sandbox has emerged as one of the biggest winners.
As a result, its native cryptocurrency, SAND, has gained 7,100 percent year to date. The platform allows users to build, control, and monetize their Ethereum Blockchain game experiences.
SAND’s current price increase was triggered by a symmetrical triangle breakout on the charts. After over two months of formation, the price broke above the upper trendline of the 27th of October. SAND has gained another 300 percent since the breakthrough and is now trading at $3.24 for its 400 percent Fibonacci Extension.
The 461.8% and 500% Fibonacci Extensions, at $3.72 and $4, respectively, are the next targets. The 300 percent Fibonacci Extension could bring comfort before the next upswing if profit-taking becomes an issue. The 161.8 percent Fibonacci Extension, which has already resisted a 42 percent decrease seen on October 31, can be used to counteract a deeper sell-off.
To reach the 500 percent Fibonacci Extension level, SAND needed to gain another 23 percent. SAND might accomplish this accomplishment without worry of an impending correction, given the recent large inflows. However, its RSI, which had established repeated peaks in overbought zone, must be closely monitored.
A sell-off can be quickly resisted at the 300 percent Fibonacci level, but a greater reaction would necessitate a move up to the 161.8 percent Fibonacci level.
Sandbox raises $93M – A catalyst for Growth
On November 2, The Sandbox, an Animoca Brands subsidiary and non-fungible token (NFT) metaverse platform, received further funding from SoftBank Vision Fund 2.
Animoca Brands, SCB 10X, Polygon Studios, True Global Ventures, Galaxy Interactive, and Samsung Next were among the investors in The Sandbox’s Series B round, which garnered $93 million.
As a result, Sandbox intends to accelerate the growth of the open metaverse through games, live events, and social experiences, all while increasing creator support and involving a greater number of companies and intellectual properties.