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After experiencing a correction over the past 24 hours, Sandbox (SAND) appears to have found support at $0.424. In the last few hours, SAND has managed a slight rebound, trading at $0.4344 as of 09:51 UTC, up by 2.10%. This recent price action and positive developments surrounding Sandbox suggest a bullish short-term outlook for the cryptocurrency.

Recent Price Movements

The correction SAND experienced earlier is part of the broader volatility across the cryptocurrency market. However, the rebound at the $0.424 support is an encouraging sign for investors. Support levels are critical as they indicate where buying interest is strong enough to prevent further declines. SAND’s ability to hold above this level suggests underlying strength, which could pave the way for additional gains.

Major Announcements Boosting Sentiment

A significant factor contributing to the optimism around Sandbox is the recent announcement of rewards for participating in Sandbox games. Sandbox has unveiled a reward program offering up to 100,000 SAND tokens to users who play games within its ecosystem. This announcement was made via a tweet stating that more than 100,000 SAND in rewards are now available for anyone playing Sandbox games. 

The community’s response to this news has been overwhelmingly positive. One enthusiastic user tweeted, “Sounds like a blast! I’m in for the fun and rewards. Ready to explore the metaverse with The Sandbox.” 

Such engagement is crucial as it highlights the active and growing community surrounding Sandbox. The reward initiative will likely drive the demand for SAND tokens as more players participate in the metaverse, seeking enjoyment and financial incentives.

Broader Market Context

Adding to the bullish sentiment is the broader cryptocurrency market’s stability, particularly Bitcoin. Bitcoin currently holds firm above $66,000. Bitcoin’s performance often sets the tone for the entire cryptocurrency market. When Bitcoin is stable or rising, it tends to lift other cryptocurrencies, including SAND. The likelihood of Bitcoin rallying further increases the odds of a positive spillover effect on SAND, potentially boosting its price.

Is Sandbox Set For a Major Rebound?

While Sandbox has faced a minor correction, today’s price rebound and the strong support at $0.424 are promising indicators. The announcement of a 100,000 SAND token reward program for participating in Sandbox games has already generated significant excitement and engagement within the community. This initiative is expected to drive the demand for SAND tokens as more players enter the Sandbox metaverse.

Furthermore, the broader market context, with Bitcoin holding steady above $66,000, supports a favorable outlook for SAND. Historically, Bitcoin’s stability and upward movements have positively influenced altcoins, and SAND is likely to benefit from this trend.

Sandbox Bounces Off Key Support But Bulls Fail At Intra-Day Resistance

Sandbox Bounces Off Key Support

Source: TradingView

After a bounce off the $0.4246 support earlier in the day, Sandbox hit intra-day resistance at $0.447. This has seen the price trend downward, but selling volumes are low. This indicates that SAND could be headed into a consolidation in the day. However, if bulls take control in the day and break the $0.4447 resistance, then SAND could quickly test prices above $0.50 in the day. On the other hand, if bearish momentum increases, the $0.4246 support would come into focus. If bears are strong enough to break this support, then prices would easily drop below $0.40 in the short term.

SAND Sending The Right Signals 

Sandbox is currently entering an intra-day consolidation phase, but there is a good chance that a bullish breakout is coming. That’s because, despite the plane crash in Iran yesterday and all the alarms it raised, Bitcoin has held above $66k. This is a big deal because it shows the market is getting less sensitive to every slight negative geopolitical news.

Besides the broader market showing underlying strength, SAND’s news about a move to attract more people to the Sandbox Metaverse will likely add to the price momentum. Overall, SAND comes off as a highly undervalued cryptocurrency at current prices.

Read More: Best Metaverse Coins to Invest in 2024 

Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.