SAND price analysis on the daily chart for Feb 5 comes with a bullish analysis for the token, which is up nearly 20% in the last 24 hours. Moreover, it is also important to note that the SAND token has been up 16.94% in the last week. At the same time, BTC reclaimed $41.5K as buying volume surged.
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The data from CoinMarketCap shows that the trading volume of SAND rose nearly 18.36% in the last 24 hours, followed by a 19.18% price surge in the market cap. Moreover, the Volume/Market Cap ratio stands at 0.363. The market rank of the token is currently at the 36th position in the market. Compared to our SAND price analysis for Feb 4, 2022, the token has jumped up a position from 38th.
The daily candle for SAND opened at a price of $4 and reached a daily high of $4.49. The daily low for the token stands at $3.96, which remains as price support. In the last 7 days, the low stands at $3.51, while the weekly high is $4.49. The Sandbox formed a partnership with Warner Music Group, which indicates that the popularity of SAND is surging.
SAND price analysis on the daily chart
The SAND price analysis on the daily chart shows that the price of the token might aim for higher highs soon. The MACD indicator on the chart below shows that the MACD line (blue) just broke above the signal line (orange), confirming a bullish divergence.
The A/D line is breaking into higher highs, and if this continues, we can expect SAND to reach for $5 resistance in the near future.
Conclusion
The Sandbox had recently launched the Alpha, which attracted a lot of users to the platform. Furthermore, the parent company of The Sandbox, Animoca Brands, had recently raised $358.8 million via a funding round. It can be expected that the SAND price analysis is bullish for the long term.
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