SAND rose on Wednesday as it was revealed that HSBC would be entering the Metaverse via The Sandbox. While up nearly 10% on the news, MKR and WAVES were also some of today’s leading gainers.
The Sandbox (SAND).
It was announced Wednesday that The Sandbox had reached a deal with HSBC, a British bank that will allow the bank to enter the metaverse.
The news saw the project’s native token SAND surge in today’s session, climbing by over 9% as of writing this, moving away from its recent support level in the process.
After rallying from $2.65 support, the SAND/USD intraday high was $3.01 which marks its highest point since March 9.
As the Relative Strength Indicator (RSI) soared above 42.5 for 14 days, this was the most significant change since February.
Now tracking at 45.4, the RSI is approaching yet another resistance point, this time at 46.25, a level which hasn’t been in almost four weeks.
This would mean that the price target for the next round of trading will be at the $3.15 mark, which was resistance previously.
WAVES
Although SAND/USD was today’s biggest gainer, WAVES was a close second, with MKR flanking in third place.
Waves broke through the resistance of $29.10 and reached its highest point since Oct 27, 2010, when it was at $33.86.
As of writing this, WAVES/USD rose to an intraday high of $30.98, which is over 8% higher than yesterday’s low of $26.06.
WAVES lost momentum following today’s breakout, as it appears that traders liquidated positions in anticipation of a reversal.
The RSI remains stable at 74. That is lower that the peak of 84. It could also indicate there are still potential upsides.
Are you convinced that more institutions will utilize The Sandbox in order to access the metaverse? We’d love to hear your opinions in the comments.
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