The Sandbox Price Prediction: Bearish Market Structure and Dormant Circulation

• The Sandbox experienced a security issue in February 2021, when an employee’s computer was accessed by an unauthorized third party.
• The market structure for SAND has been bearish since 22 February 2021, with the A/D line suggesting some accumulation at the end of that month.
• The 90-day MVRV ratio suggests that holders of SAND are currently facing losses on their portfolios.

Security Issue

The Sandbox experienced a security issue toward the end of February 2021. This occurred when an employee’s computer was accessed by an unauthorized third party and emails containing malware were sent out falsely claiming to be from The Sandbox.

Bearish Market Structure

The market structure for SAND has been bearish since 22 February 2021. A revisit to the breaker on the charts is a possibility and the Awesome Oscillator showed a strong downtrend in progress at the time of writing. However, the A/D line made a series of higher lows till the end of February but slid lower in the past few days, suggesting some accumulation during this period.

SAND Price Prediction 2023-24

A bounce in SAND prices shouldn’t be a surprise, but overall sentiment remained bearish. At $0.66 denoted the bearish breaker that SAND formed on 13 February, which suggests a revisit to this level could present an ideal selling opportunity for traders. To the south, notable support levels exist at $0.59 and $0.53 respectively.

MVRV Ratio

The 90-day dormant circulation did not note any spikes, which suggested strong selling pressure might not be present; however, this metric fell into negative territory and indicated that holders of SAND were enduring losses on their portfolios as of March 2021..

Conclusion

Overall, while there is potential for a bounce in price due to accumulation activity at certain points in recent weeks, overall sentiment remains bearish given these security issues and falling MVRV ratios seen over recent months..