Crypto News

The sandbox (SAND) is making some profits after Adidas launched Originals NFTs

The popular metaverse token The Sandbox (SAND) is making its way up, posting double-digit gains over the past 24 hours, helped by a slight weakening of bearish sentiment among crypto investors and several promising fundamentals. At the time of writing, SAND / USD is trading at around $ 5.01.

The SAND token is one of the biggest winners in the crypto market after Adidas Originals launched its NFTs after purchasing a virtual property on The Sandbox. The plot will offer exclusive content and experiences to connect with their fans in the metaverse.

Meanwhile, its NFT collection, created in collaboration with leading names in the industry like Bored Ape Yacht Club, Gmoney, and the makers of punk comics, will include virtual wearables that are featured in Blockchain-Games on The Sandbox and other platforms can be used. For its debut at NFTs, Adidas Originals is also offering early adopters the option to redeem a POAP (Proof of Attendance Protocol) NFT status badge to commemorate their participation at the start of the brand’s entry into the exciting world of the metaverse.

The NFT’s leading open metaverse ecosystem is also supported by entering into a global strategic partnership with Dreams Quest to drive mass adoption of the GameFi sector among users around the world. As part of the partnership, Dreams Quest will bring NFTs to The Sanbox’s NFT marketplace in special editions of its high-profile characters. Development will also offer players a more complete decentralized gaming experience within The Sanbox’s ecosystem.

Another important entry into The Sandbox’s metaverse is that of leading creative agency Al Dente, which has bought a virtual plot of land within its ecosystem. The company believes the Metaverse will be the next big luxury brand space and has taken this step to leverage its experience promoting luxury, fashion, and beauty brands to step into the Metaverse.

SAND / USD technical analysis

If we look at the SAND / USD H4 chart, we find a bullish bias in the smaller moving averages, the 200 EMA and the MACD and Momentum technical leading indicators. However, the 50 EMA and 100 EMA also indicate some interest in selling in the market.

The price of the sandbox remains below the pivot point at $ 5.30 but is holding above the psychological level of $ 5.00 for the time being. Support at $ 4.88 is holding up well for now, but a break below the $ 5 mark could result in increased selling pressure that could test that support.

Source: Crypto News Deutsch

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