- It was a bullish Saturday session, with The Sandbox rallying by 16.3%.
- Metaverse news updates delivered support, with tech giants Meta, Microsoft, and Sony among big names forming the Metaverse Standards Forum.
- Technical indicators are bullish, with SAND sitting above the 200-day.
A mixed morning saw SAND fall to an early low of $1.0780 before making a move.
Steering clear of the Major Support Levels, SAND broke through the day’s Major Resistance Levels to a late high of $1.329.
A late pullback, however, saw SAND fall back through the Third Major Resistance Level at $1.3063 to end the day at $1.278.
While finding support from the broader market, Metaverse news updates delivered the breakout session. The Sandbox extended the current winning streak to seven sessions.
Tech Giants Form the Metaverse Standards Forum to Evolve Web3
More than 30 names from the tech industry have formed a partnership to support the evolution of the metaverse.
According to the press release,
“The Metaverse Standards Forum brings together leading standards organizations and companies for industry-wide cooperation on interoperability standards needed to build the open metaverse. The forum will explore where the lack of interoperability is holding back metaverse deployment and how the work of Standards Developing Organizations (SDOs) defining and evolving needed standards may be coordinated and accelerated.”
The press release went on to say,
“Open to any organization at no cost, the Forum will focus on pragmatic, action-based projects such as implementation prototyping, hackathons, plugfests, and open-source tooling to accelerate the testing and adoption of metaverse standards, while also developing consistent terminology and deployment guidelines.”
Vishal Shah, vice president of Metaverse at Meta, said,
“Building a metaverse for everyone will require an industry-wide focus on common standards. The Metaverse Standards Forum can drive the collaboration that’s needed to make this possible, and Meta is committed to this work. Creators, developers, and companies will all benefit from the technologies and experiences that will be made possible by common protocols.”
For The Sandbox and other metaverse-related tokens, the new focus on driving the adoption of the metaverse is price positive.
The Sandbox (SAND) Price Action
At the time of writing, SAND was down 0.78% to $1.270.
A mixed start to the day saw SAND rise to an early morning high of $1.294 before falling to a low of $1.248.
SAND left the Support and Resistance Levels untested early on.
SAND will need to avoid the $1.2285 pivot to target the First Major Resistance Level at $1.3782.
SAND would need broader crypto market support to breakout from the Saturday high of $1.329.
An extended rally would test resistance at $1.40 and the Second Major Resistance Level at $1.4794. The Third Major Resistance Level sits at $1.7303.
A fall through the pivot would bring the First Major Support Level at $1.1277 into play. Barring an extended sell-off, SAND should avoid sub-$1.10. The Second Major Support Level sits at $0.9770.
Looking at the EMAs and the 4-hourly candlestick chart (above), it is a bullish signal.
This morning, SAND sat above the 200-day EMA, currently at $1.1740. The 50-day EMA converged on the 100-day EMA, providing support. The 100-day EMA narrowed to the 200-day EMA; SAND price positive.
A bullish cross of the 50-day EMA through the 100-day EMA would support a run at $1.40. However, SAND will need to avoid sub-$1.20 to extend the winning streak to eight sessions.