The crypto market saw modestly higher prices this trading week, despite warnings from analysts that the market could fall further, and traders are looking for an attractive bottom level to enter. Sandbox (SAND) has advanced from $0.80 to $0.87 since October 03, 2022, and the current price stands at $0.85. Bitcoin is trading again above $20,000, which has also positively influenced the price of SAND.

But where is the price of Sandbox (SAND) going next, and what can we expect from the fourth quarter of 2022?

Today, Crypto Lists will discuss SAND price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk and how much margin you got if trading with leverage.

FED will not pause its campaign to bring price growth down

The Sandbox is a community-driven platform built on the Ethereum blockchain that operates a decentralized virtual gaming world. The Sandbox enables its users to explore, purchase and create structures that can be monetized, and it also tracks ownership of the digital LAND and non-fungible tokens (NFTs) on its application.

SAND is the native token of the Sandbox platform, which is used to facilitate various transactions that are part of its gameplay, including purchasing LAND, interacting with user-generated content, and staking it to participate in the governance of the decentralized autonomous organization (DAO). Sandbox token is advancing this trading week, but traders should consider that the risk of another decline still persists. The U.S. central bank signaled more large increases to come in new projections showing its policy rate rising to 4.40% by the end of this year before topping out at 4.60% in 2023.

While the rate increases are intended to tame inflation, investors are worried that an aggressive interest rate could tip the economy into a dip recession. Risk-on assets tend to suffer in such conditions, and it is important to say that risky assets like stocks and cryptocurrencies have been considerably impacted by the U.S. central bank’s tightening monetary policy.

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Fund manager Peter Schiff said that a lack of institutional support and a strict monetary policy are inalienable parts of the bear market, which will continue for quite some time, according to the current macro environment. There have been some positive signs this week; the Reserve Bank of Australia surprised financial markets by hiking the interest rate by a modest 25 bps, below the 50 bps expected, being the first to halt the ultra-aggressive monetary policy.

A smaller-than-expected interest rate hike by the Australian central bank stirred hope that the Federal Reserve might temper its aggressive raising of rates. Anthony Saglimbene, chief market strategist at Ameriprise Financial, said: “There’s hope that the Federal Reserve at some point in the fourth quarter will say the same thing. Not stop raising interest rates, but just slow the pace. That’s what the market’s kind of rallying on below the surface.”

Positive news proved to be short-lived, and San Francisco Fed President Mary Daly said this Wednesday that inflation is problematic, and because of this, the U.S. Central bank is going to raise rates to the restrictive territory. The Fed is expected to deliver a fourth straight 75-basis-point rate hike when policymakers meet at the beginning of November, and the upside potential for SAND remains limited in Q4.

Technical analysis for SAND

Sandbox (SAND) has advanced from $0.80 to $0.87 since October 03, 2022, and the current price stands at $0.85. Despite this rise, traders should consider that the risk of another decline still persists, especially after comments from San Francisco Fed President Mary Daly.

On the chart below, we can see that SAND has been moving in the range from $0.75-$1.5 last several months, and as long the price of SAND is below $2, we can’t talk about a trend reversal, and the price of SAND remains in the SELL-ZONE.

SAND price on a long term trend

Important support & resistance levels for SAND

Important support & resistance levels for SAND

On this chart (the period from March 2022), I marked important support and resistance levels that can help traders to understand where the price could move. SAND still remains under pressure, but if the price advances above $1, the next target could be resistance at $1.50. The current support level is $0.70, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.60. If the price drops below $0.50, which represents very strong support, the next target could be located around $0.40.

What speaks for the rise in the SAND price

The last several months have been extremely taff for the cryptocurrency market, and cryptocurrencies have been suffering from heavy selling due to hawkish signals from central banks and uncertainty because of the Ukraine crisis.

SAND still remains under pressure, but if the price advances above $1, the next target could be resistance at $1.50. Traders should also consider that the price of SAND is correlated with Bitcoin, and if the price of Bitcoin jumps above $22000, we can see SAND at higher price levels.

What indicates further downfall for SAND

Economists have warned that a global recession could be on the horizon, and the consensus appears that the price of SAND will drop again. San Francisco Fed President Mary Daly said this Wednesday that inflation is problematic, and because of this, the U.S. Central bank is going to raise rates to the restrictive territory. The Fed is expected to deliver a fourth straight 75-basis-point rate hike when policymakers meet at the beginning of November, and the upside potential for SAND remains limited in Q4.

The price has stabilized now above $0.70 support, but a break below this level would indicate that SAND could experience a much bigger fall than in September. The price of SAND is correlated with the price of Bitcoin, and when the price of Bitcoin drops, that usually has a negative influence on the price of SAND.


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SAND price expectations from analysts and experts

The fourth quarter of 2022 will likely be a tough period for Sandbox (SAND), and the outlook for risk appetite in the near term is not looking good. San Francisco Fed President Mary Daly said this Wednesday that inflation is problematic, and because of this, the U.S. Central bank is going to raise rates to the restrictive territory. The Fed is expected to deliver a fourth straight 75-basis-point rate hike when policymakers meet at the beginning of November, which is certainly not good news for SAND. Fund manager Peter Schiff said that a lack of institutional support and a strict monetary policy are inalienable parts of the bear market, which will continue for quite some time, according to the current macro environment.

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