May 12 Massacre across crypto markets compounded by Terra [LUNA] and TerraUSD [UST] It falls to unimaginable lows. However, on May 13, Bitcoin and Ethereum both recovered more than 5% per day. This also increased alt. All in all, this drama has significantly changed the way investors feel about their favorite assets.
However, have the recent developments caused Metaverse token investors to reconsider the way certain projects are handled? Let’s see what the indicators say.
I have more. . .right?
sandbox [SAND] It should have been known for its potential as a blockchain-based world-building platform. Instead, it is seen as a class of assets that investors can buy high, sell high and get out. Nevertheless, at the time of media reports, SAND was the 40th largest cryptocurrency by market cap. Tokens were traded on: $1.36 It was down 34.16% last week after rising 17.52% on the 1st.
Are investors ready to commit to SAND? Or is the SAND sliding between your fingers? The exchange’s SAND supply has risen sharply by tens of millions of tokens to reach end-February levels, meaning the latter is more likely.
However, one significant incident occurred on May 5th, when SAND’s Age Consumed metric spiked significantly. This shows that many idle tokens moved despite the decline in the SAND price. The indicator rose slightly again at press time, suggesting investors are paying more attention to the asset.
Meanwhile, when studying whale trades above $100,000, we can see that these trades started to increase as the price of SAND fell. After a while, recovery began. It is possible that the whales bought the bear market, but exchange supply data suggests that profit taking may happen again.
A bird in the sand is worth two in the bush?
A green candle was forming at press time, but that’s not a sign the bulls are jumping. Awesome Oscillator [AO] It showed a red bar increasing in height below the zero line, a sign of rising downward pressure.
In addition, the relative strength index [RSI] Shortly before press time, it showed that SAND is an oversold asset.