Assessing what exactly is the reason behind these SAND disparities
While it is no news that the general cryptocurrency market struggles due to the downturn of the broader financial markets, some crypto-assets appear to have been dealt the worst hand. A look at SAND revealed the token as one of the most hit by the downturn over the past few days.
Not spared from the impact of the hawkish remarks made by Fed Chair Jerome Powell at the Fed’s Jackson Hole, Wyoming conference, SAND posted double-digit losses. This, 24 hours after the speech was first delivered. In fact, its price dropped from $1.04 to $0.9 on the price charts.
According to data from CoinMarketCap, the virtual gaming world token was changing hands at $0.9661 at press time. With a significant drop in trading activity on the network, the token’s trading volume also declined by 48% in the last 24 hours.
A look at performance on the daily chart revealed an alarming rate of token distribution being coordinated. The altcoin was severely oversold at press time, with investors emptying their SAND bags in droves. Its Relative Strength Index (RSI) failed to retain its position above the midline and was pegged at 29.
Furthermore, the crypto’s Money Flow Index (MFI) was spotted deep in the oversold territory at 15. As for the Chaikin Money Flow (CMF), it marked its spot below the central (0.0) line at – 0.23, depicting a strong selling edge.
Source: TradingView
According to data from Coinglass, over the last 24 hours, 28,360 traders were liquidated, bringing the total liquidations to $78.80 million. In fact, $126,597 was taken off the SAND market within that period.
Source: Coinglass
While the price per SAND dropped by 7% over the last seven days, The Sandbox ecosystem logged upticks in its growth metrics within the same period. This,
Read more on ambcrypto.com
