Sandbox (SAND) Fails to Form Higher High, Contemplating a 20% Drop

• Sandbox price tried to form a swing high beyond $5.65 but failed.
• The resulting downward move might shatter the support level at $4.76, revisiting the barrier at $3.88.
• The bearish outlook will fade if SAND bulls push the coin to form a higher high beyond $5.65.

Sandbox (SAND) price failed to breakout to the upside after the recent consolidation that dominated the metaverse token. For that reason, the coin retraces towards a critical support area and might continue dropping.

SAND Price and the Last Recovery Chance

Sandbox saw its price actions forming lower highs since 24 November. The digital coins produced these equal peaks at $5.64 from 6 December to 12 December, confirming consolidation evolution. The 15 December upswing tried to set up a higher high but fell. For now, market participants might expect SAND to continue dropping.

Meanwhile, Sandbox will meet the support level at $4.76. Breaching this level will seal the token’s bearish fate, catalyzing an 18% SAND price crash to $3.88. That downward move constitutes a 21% retracement from the alt’s current price – $4.95.

Meanwhile, buying momentum near the $4.76 mark can attract buyers for a comeback. SAND price requires a 4hr candle close beyond $5.65 to kick-start bullish dominance. That way, the metaverse crypto will cancel the bearish case, forming a base to retest $6.07. Massive bullishness will see SAND revisiting the hurdle at $6.75, suggesting a 20% upswing from the support floor at $5.64.

Sandbox appears to follow broad market trends. For now, most assets in the crypto universe trade in the red. That comes after the assets failed to reclaim vital levels. Bitcoin had its value plummeting again today as it trades at $47,230. BTC couldn’t regain levels beyond the $50,000 mark despite many attempts.

The downside mood in the crypto space had affected metaverse tokens. Besides SAND, MANA displays overhead selling momentum confirming further downtrends. However, metaverse space has seen high adoption this year. Institutions have poured capital on various projects within the ecosystem. With that analysts, believe the metaverse assets will boom in 2022.

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