With the recent recovery in the cryptocurrency market, analysts are excited about metaverse tokens, which were one of the biggest highlights of the market last year.
for the analyst Filip L. one of the tokens that should show the greatest appreciation in the short term is The Sandbox (SAND). After all, big brands are announcing their entry into this metaverse.
According to the analyst, SAND is riding a positive wave as tensions between Russia and the West begin to ease.
According to him, the SAND price is set to break the long-term red downtrend line and the downtrend since December last year.
“A few points can provide enough incentive for the bulls to book partial profits and hit the final target of $6.00 while retaining 47% of the gains,” he said.
As the analyst pointed out, the first spot that SAND bulls are eyeing is at $4.72 with the 55-day simple moving average and an overall fundamental level falling in the same area.
He pointed out that while this level is not far from the red descending trendline, it will still return around 16% of intraday gains.
“So the bulls will have a good incentive to book profits midway through. But they will remain in the trade with more sizable profits taken when the price rallies to $5.00 and $6.00 – the next targets of this week’s relief rally,” he said.
However, the analyst pondered that if there is an invasion by Russia in Ukraine, the tension will reach the entire market. Investors will be apprehensive about the possibility of a new war in Europe, involving the US and Russia.
“If that happens, expect a firm reaction with a big rejection pushing SAND back to $3.50. From there, another lower leg could follow to $3.00, with the 200-day SMA reaching $2.85.”