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The present regulatory challenges in the crypto industry have declined the total market price of assets as the pressure continues. Sandbox is a gaming Metaverse platform in the blockchain space.
It allows users on its Metaverse platform to create, play, and get paid for games they created. Notably, it also enables users to trade land properties and maximize profit when it appreciates on its Metaverse space.to
Sandbox allows voxel art creators to create, animate and monetize their artwork. It also provides a marketplace where assets on its Metaverse space are collected and sold.
SAND Price Fell Following the SEC Lawsuit
The United States Securities and Exchange Commission had, on June 5 and June 6, 2023, sued two top crypto exchanges, Binance and Coinbase Global Inc.
On June 7, 2023, Yahoo!finance reported that the SEC’s lawsuits against Binance and Coinbase featured a list of tokens SEC considered as securities.
Furthermore, on June 13, 2023, Bloomberg revealed that the SEC identified 19 tokens it labeled as securities in its lawsuits against the popular crypto exchanges.
Amongst these tokens, labeled as securities, is Sandbox (SAND). Since the SEC’s lawsuit, investors have responded negatively, pulling out their funds since the fate of the coin remains uncertain. This has caused a huge drop in the Sandbox market price.
Sandbox (SAND) Past and Present Price Action
SAND’s market price had fluctuated before the SEC sued Binance and Coinbase and labeled it as one of the tokens it regarded as a security.
Since then, the popular trading analytics platform, TradingView, revealed that the price has dipped significantly, maintaining a bearish trend for some weeks.
As of June 4, 2023, Sandbox opened at $0.5723 and closed at $0.5919. It tried to reclaim a bullish momentum trend with a price change of +3.44%.
On June 5, 2023, it opened at $0.5919 and dropped sharply when the news of SEC’s lawsuits against Binance spread and closed at $0.5225 with a price change of -11.72%.
On June 6, 2023, SAND opened at $0.5225, and the bulls tried pushing the market to enter the bullish trend but lost it to the bears after the SEC’s lawsuit against Coinbase spread.
Since then, Sandbox has maintained a bearish trend from June 7 to June 10, 2023. It closed on June 7 at $0.4915; on June 8, it closed at $0.4835. It kept decreasing throughout these days, and on June 10, it further dropped in price, opened at $0.4680, and closed at $0.3842.
From June 11, 2023, to today, June 20, 2023, the price has been in the bearish trend without a significant movement as of the time of writing.
Sandbox to Face More Red Trades in the Short and Long-Term
Considering several indicators on the top trading analytics platform, TradingView, SAND could face a prevalent bearish momentum in the short and long term. Sandbox and has its Relative Strength Index (RSI) indicator at 30.61, indicating its market position towards the oversold zone (below 30).
This indicates the increased SELL trades in SAND’s market following the SEC activities in the crypto space. If more SAND tokens are sold off, the RSI could fall below 30, suggesting an undervalued market for the token.
Also, the Moving Average Convergence/Divergence (MACD) indicator is below the signal line, representing SAND’s current bearish price momentum. Considering the faded red bar on the histogram, SAND could taste some price gains amid fluctuations before the day ends.
Furthermore, SAND is trading below its 50-Day and 200-Day Simple Moving Average (SMA), indicating a short and long-term bearish market. As such, the crypto is likely to see more losses in its price within a short and longer period.
While the SEC activities persist, increased fear in the crypto market could send SAND, as well as many other cryptocurrencies, into a prevalent bearish market.
But while SAND is facing this enormous drop in market price, a meme AI-powered crypto project, yPredict with utility token ($YPRED) has gained tremendous success.
Note that cryptocurrencies are volatile and can change from predicted price behavior. Thus, proper risk management techniques and in-depth technical analysis must be in place before investment.
yPredict and Its Presale Performance
yPredict is a meme crypto project leveraging the capacity of AI technology to offer crypto trading predictions and analytical tools and services.
The project team aims to create a friendly trading environment that will proffer solutions to technical errors humans meet with the help of AI technology.
This means that even newbies with little crypto trading knowledge can leverage the power of AI tools available on the platform to make a profit, ensuring a seamless crypto trading experience in its ecosystem.
To make this dream a reality, the project deployed AI to deliver trading tools like 25+ Chart Patterns and AI Recognition, an AI Sentimental Analysis, an AI Technical Analysis, and an AI Signal.
Furthermore, the project also adopted Learn-to-Earn (L2E) system that rewards users on its platform with $YPRED to encourage them as they learn using the educational materials available on the platform.
One of the stressful aspects of crypto trading is technical analysis; traders take time to carefully analyze the market movement. With the AI Technical Analysis tool, traders could easily identify the direction of the market and decisively take it to trade.
The AI may not be 100% effective, but it has lifted much burden off the shoulders of traders. The project has an ecosystem that features a marketplace, a high APY% staking pool, trading tools, and a trading terminal.
Activities within this ecosystem are stimulated and maintained with the help of its token, $YPRED. The ecosystem serves two main categories of individuals, and they are the crypto traders and the AI developers.
It offers AI developers an avenue for making passive income. They will offer free and premium AI signals, also referred to as prediction models, to crypto traders. The crypto traders gain access to free analysis and high profiting staking pool upon purchase of $YPRED.
yPredict Presale Performance
On May 8, 2023, yPredict shared its success via its Twitter handle as it hit over $700K on presale shortly after it started at $0.05.
According to Cryptonews, this success could be due to investors’ rush to secure a position for about a 28.5% possible increase in price as the token will be increasing during the presale period. The token progressed and reached many milestones. On May 24, 2023, it raised over $1.6 million at a selling price of $0.09.
Six days later, it reached $1.9 million, and on June 16, 2023, the token hit $2.3 million, still at the selling price of $0.09. Note the selling price rose from $0.05 to its current $0.09.
Today, June 20, 2023, the $YPRED token has reached $2,496,202.68 at the selling price of $0.09. Notably, the project is getting close to its benchmark price for presale at $2,982,551.25 as of the time of writing. The project team behind the project promised a listing price of $0.12 on crypto trading exchanges.
This success of the yPredict project on its presale stage shows potential for a price surge in the future following investors’ increased interest.
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