Sandbox’s price is up by a percentage point in today’s trading session. It is also looking likely to continue rising, and there is a high likelihood that we will see it breaking today’s price high of $1.31, which was hit in the early hours of the trading session when prices surged by 4.5 per cent.
Sandbox in the News
Cybersecurity has become an issue for cryptocurrency projects in the past few weeks. Today, it was indicated that Sandbox’s Instagram account had been hacked. Although the Instagram account is not linked to accounts, and there is no likelihood of investors losing their money directly from the hack, the platform took to Twitter to caution its users and announce the hack.
Part of the reason it was announced is that such a hack can result in cybercriminals phishing users into releasing their account details to them and result in them getting hacked. Therefore, Sandbox’s quick response,, including deactivating its Instagram account, has gone a long way in addressing some of the fears that had started to engulf its users.
In their Twitter account, the company indicated they were still working on recovering their account. However, at press time, the account was still deactivated.
Sandbox Price Prediction
For more than two weeks, Sandbox prices have traded in a sideways market. The trend came after prices hit the $1.49 resistance level on July 20th and failed to break to the upside. Instead, the prices started a strong push to the downside, which stopped on July 27th, when prices surged by 11 per cent. Since then, Sandbox has failed to establish a trend and continued trading in a sideways market.
Therefore, looking at the latest price action, there is a high likelihood that we will continue to see the prices trading sideways. The choppy markets will likely continue for the next trading sessions or weeks.
However, should prices trade above the $1.49 price level, the choppy markets will end. My sideways analysis will have been invalidated, and a new bullish trend will have started.
Sandbox Daily Chart
