SAND ends October with a strong rally but investors can expect this in November
The Sandbox [SAND] concluded October with a mega social gathering for the Sandbox Alpha Season 3 however this wasn’t the one grand ending for the community. Its native cryptocurrency SAND additionally ended the month in an enormous method after delivering a powerful rally.
Right here’s AMBCrypto’s worth prediction for The Sandbox [SAND] 2022-2023
SAND’s efficiency within the final 10 days highlights an fascinating final result. The cryptocurrency managed to ship a 35% upside throughout this era after retesting its decrease month-to-month vary. However can it keep this bullish momentum as we usher in November?
Will market waves wash off SAND positive factors?
We’ve got already seen some high cash hand over a few of their positive factors final week. The identical utilized to SAND’s efficiency particularly between 30 and 31 October. It managed to attain a brand new month-to-month excessive at $0.947 courtesy after persevering with with the bullish momentum. Nevertheless, it retraced by as a lot as 8% throughout the identical 24-hour interval, suggesting that promote stress is beginning to creep again in.
Buyers ought to word that the slight retracement occurred after the Cash Stream Index (MFI) crossed into the distribution zone. Nonetheless, the Relative Energy Index (RSI) nonetheless had some gaining to do earlier than coming into into overbought territory. Because of this was nonetheless a major chance that the worth might push in direction of the brand new month-to-month excessive of obtain a brand new one if there shall be sufficient shopping for stress.
Sadly, the opposite aspect of the spectrum revealed a rise in market uncertainty. This was largely because of the upcoming FOMC assembly which can or might not place extra stress on the markets relying on the end result.
SAND’s skill to carry on to latest positive factors or obtain extra upside additionally trusted the extent of market demand. Each each day energetic addresses and improvement exercise reached new month-to-month peaks within the final 24 hours.
The wholesome improvement exercise and wholesome exercise might encourage a continued bullish sentiment within the subsequent few days. Quite the opposite, traders ought to count on extra draw back if the identical metrics of each day buying and selling and improvement actions begin to drop off.
Now can be time for traders to look out for sudden modifications that will strengthen the potential for a pivot. One such latest remark is the spike in SAND’s age consumed metric on 30 October. This remark steered that a considerable amount of SAND was moved throughout this era. Regardless of this, the imply coin age metric continued rallying to the very best month-to-month degree.
A big shift within the age consumed metric usually signifies that traders are pivoting. Nevertheless, the most recent remark may be an indication of extra accumulation on condition that the imply coin age nonetheless went up.
SAND in every single place?
The above final result may point out that long-term holders weren’t promoting but and this was signal for the bulls. Whereas this implies the percentages had been leaning in favor of extra upside, traders ought to nonetheless be cautious of surprising dangers if the FOMC favors the bears.