- SAND was approaching its disbelief stage, which could trigger a price increase.
- The token's value may rise to the $0.65 region in the short term.
Though The Sandbox [SAND] has gained 32% in the last 30 days, the cryptocurrency appeared to be in a depression phase, analyst Ali Martinez revealed. The depression phase in the market comes around the end of a bear market.
During this period, market participants do not anticipate a significant price increase.
However, this phase is, most times, followed by a disbelief stage as prices begin to pick up. For SAND, Martinez opined that investors should not overlook the potential.
His viewpoint was born from the notion that the token was at a psychological stage that could foreshadow a price jump.
The analyst's opinion might come as an eye-opener to investors who have been looking at other narratives in the market.
For most of 2023, cryptocurrencies with fundamentals around AI, and Real World Assets (RWAs) seem to have gained the attention of investors.
The Sandbox falls into the Metaverse category. Unfortunately, this section of the market has been given the same treatment as the ones mentioned above.
But with SAND's current condition, it could be time to start looking in that direction. A look at the volume showed that the token may have positive prospects in the short term.
At press time, The Sandbox's volume had increased to 246.24 million. This implies an increase in SAND transactions.
AMBCrypto also deciphered that the surge in volume is a signal of investor confidence and optimism around the cryptocurrency. Another bullish sign was the increase in Active Addresses.
Source: Santiment
According to data analyzed from Santiment, SAND's Active Addresses 24h jumped. Active Addresses show the daily level of speculation around a token.
Therefore, the increase suggests that SAND was one of the tokens that investors were looking at, to capitalize on the price movement.
AMBCrypto also took a look at the price action. Notably, the SAND/USD 4-hour chart showed how a bullish candle, which sent the price to $0.59. This movement confirmed how bears may not be able to match the token's upswing going forward.
The Exponential Moving Average (EMA) was another metric that AMBCrypto considered.
At the time of writing, SAND's 9-day EMA (blue) had also crossed over the 20-day EMA (yellow). This position suggested a bullish bias for the token. There has also been an increase in the Relative Strength Index (RSI).
Read The Sandbox's [SAND] Price Prediction 2023-2024
Though the reading at 71.54 indicated that SAND was overbought at press time, it might not stop the uptrend.
Source: TradingView
Therefore, SAND's price may retrace below $0.59. However, a move above $0.65 is a solid option for the token's value in the short term. So, investors may need to consider accumulating SAND before the price goes around the bend.
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