SAND Targets $4.00 With Metaverse Entrants Too Big to Ignore

Key Insights:

• Interest in the Metaverse and The Sandbox is too significant for the crypto market to ignore.
• On Wednesday, SAND surged by 19.4% to return to $3.2 levels after a dip to sub-$2.70.
• Technical indicators are becoming bullish, with a bullish cross looking imminent.

It was a good day for SAND on Wednesday. Unfazed by the FED monetary policy decision, SAND rallied from an early morning low of $2.69 to strike a final hour high and end of the day $3.26.

The upward trend throughout the day came despite the broader crypto market hitting reverse ahead of the FED’s overnight monetary policy decision.

While Bitcoin (BTC) and the other major cryptos have been at the mercy of market risk sentiment, inflation, and monetary policy, a surge in Metaverse-related trademark applications and events in The Sandbox has lifted SAND clear of a current year low of $2.63.

Big Players and Major Events Bring the Metaverse into Focus

It’s been a busy year for the Metaverse, as mainstream players catch up on early Metaverse entrants.

The Metaverse provides endless opportunities that go far beyond gaming. Russia’s invasion of Ukraine and COVID-19 have further demonstrated the need for virtuality.

Companies filing Metaverse-related trademarks are rising, with events in the Metaverse becoming more frequent.

On Wednesday, Paris Hilton was live at The Sandbox Game SXSW.

Thank you David! 🥰 What a night! 🥳 Yes @BoredApeYC fam for life! And now so excited to be a part of @TheSandboxGame family! 🚀🌙 https://t.co/4X4Xm9qLPD

— ParisHilton.eth (@ParisHilton) March 16, 2022

Paris Hilton set the stage for music industry icons to go Metaverse. In January, Warner Music Group (WMG) acquired a beachfront property in The Sandbox. WMG will turn the site into a musical theme park and concert venue.

With bands and artists under the WMG banner, including Ed Sheeran, Gorillaz, and the Red Hot Chili Peppers, virtual events will drive fan engagement and investor interest in LAND and SAND.

The Paris Hilton show followed news of HSBC partnering with The Sandbox and AMEX filing Metaverse-related trademark applications.

Such has been the interest in the Metaverse that, in February, JPMorgan projected a $1 trillion Metaverse.

SAND Price Action

At the time of writing, SAND was down by 0.68% to $3.235.

Technical Indicators

SAND will need to avoid the day’s $3.07 pivot to make a run on the First Major Resistance Level at $3.45. SAND would need the broader crypto market to support a breakthrough this morning’s high of $3.36.

An extended rally would test the Second Major Resistance Level at $3.64. The Third Major Resistance Level sits at $4.21.

A fall through the pivot would test the First Major Support Level at $2.88. Barring an extended sell-off, SAND should avoid a return to sub-$2.70. The Second Major Support Level sits at $2.50.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. Wednesday’s rally saw SAND move through the 50-day, the 100-day, and the 200-day EMAs. At present, SAND sits above the 200-day EMA at $3.2073.

This morning, the 50-day EMA narrowed to the 100-day EMA, delivering support. The 100-day EMA narrowed marginally on the 200-day EMA, also price positive.

The markets will be looking for a further narrowing of the 50-day EMA to the 100-day EMA to support a bullish cross.

Avoiding the 200-day EMA and a bullish cross of the 50 through the 100 would bring $3.6 levels into play.