SAND price analysis: The Sandbox shoots up by 6%

SAND price analysis for Feb 6, 2022, confirms that while the meme coins have been sluggish for the past 24 hours, as seen in our DOGE price analysis and SHIB price analysis for Feb 6, SAND has actually surged by a whopping 6% in the same duration. The Sandbox continues to make headlines with an excellent track record, and it seems that this might be the case in 2022 as well.

On the other hand, Bitcoin has been sluggish as the world’s biggest cryptocurrency is stuck below $42K, as seen in our Bitcoin price analysis for Feb 6, 2022. The data from CoinMarketCap confirms that trading volume for SAND has surged 2% in the last 24 hours, followed by a 6.46% rise in the market cap. Moreover, the Volume/Market Cap Ratio is at 0.3209 as the market dominance remains at 0.23%. 

As seen in the The Sandbox price analysis, the daily candle for SAND opened at a price of $4.34 and reached a daily high of $4.69. Moreover, the daily low for SAND is currently at $4.33. Furthermore, the SAND price analysis for Feb 5 confirmed that February is a bullish month for The Sandbox. We saw The Sandbox break above the $4 resistance level, which is now an important support level, as seen in the SAND price analysis for Feb 4, 2022.   

SAND price analysis on the daily chart

The SAND price analysis for Feb 6 will include the RSI and the A/D indicators. The A/D line is seeing a rise in the accumulation of SAND, hinting that higher prices for SAND are in store.

Source: TradingView

On the other hand, the RSI line has broken above the 50-mark and now reads 59.4. Thus, it is possible for SAND to move towards $5.

Source: TradingView

Conclusion

The Sandbox price analysis for Feb 6 is confirmed on a bullish note. As per a recent report from TheCoinRise, The Sandbox platform has partnered with Warner Music Group and is now set on a new venture. Moreover, The Sandbox has also recently launched the Alpha, which was very popular.