NEW DELHI (CoinChapter.com) — Metaverse platform The Sandbox might try to raise $400 million at a valuation of over $4 billion, according to a Bloomberg report.
Bloomberg cited people familiar with the matter to report that Sandbox would likely reach out to both new and existing investors. The sources requested to remain anonymous as the information is currently confidential.
However, the size and valuation of the new funding round could change on ‘market sentiment and investor demand,’ the report said. Recently, The Sandbox raised nearly $93 million in a Series B funding round in Nov last year.
SoftBank Vision Fund 2 led the funding round, marking its first investment in crypto assets.
The Sandbox is an Ethereum-based platform that enables users to own or trade digital assets in a virtual world. The metaverse platform has been enjoying increased investor interest recently. For example, HSBC bought a plot of digital land in The Sandbox in Mar this year.
Other firms that recently bought virtual properties on the platform include Adidas AG and Warner Music Group.
Sandbox team would likely use the funds for its expansion plans, which Sandbox’s COO and Co-Founder Sebastien Borge shared in an interview earlier in Apr. Borget said the platform plans to “aggressively” hire new talent and acquire companies.
Descending Triangle Forecasts 72% Drop
Sandbox’s native token SAND has traced a bearish technical pattern called the descending triangle on its charts. A horizontal trendline joining swing highs and a rising trendline joining swing lows form the pattern.
The height of the triangle’s thickest section determines the price target in a descending triangle setup. Thus, for SAND’s technical setup, the price target would be around $0.805 if the pattern holds.
Sandbox prices formed a descending triangle. Source: Tradingview.com
If SAND reaches its price target, that would mean a drop of 72.4% from its current price levels.
SAND Price Charts
Sandbox also formed another bearish pattern on its daily charts when the token’s 100-day moving average (purple wave) moved below its 200-day MA (green wave) to form a death cross.
In addition, SAND’s 20-day MA (red wave) and 50-day MA (yellow wave) lies have also formed a death cross. In detail, a death cross forms when a token’s short-term moving average trendline moves below a relative long-term moving average.
Traders believe the technical pattern signals negative sentiment and weakness. Moreover, the Sandbox token failed to break above a nearly five-month-long descending trendline. If traders react to these bearish cues and start selling, SAND prices could fall to support near $2.56.
SANDUSD daily chart with death cross and RSI. Source: Tradingview.com
The $2.56 price level has acted as support for the Sandbox token since Jan 22 this year. Further downside movement could see SAND breach below immediate support to reach support at $2.28, a level that helped launch SAND’s ATH rally.
Conversely, if Sandbox manages to start an uptrend, the metaverse token would first need to flip resistance from its 20-day MA (red wave) and 50-Day (yellow wave) near $3.13. Afterward, SAND’s 200-day MA (green wave) and 100-day MA (purple wave) form a resistance confluence near $3.6.
Finally, a sustained uptrend might see the token challenge near $4 before pulling back.
Meanwhile, the relative strength index for SAND remains neutral, clocking 47.08 on the daily charts. The RSI trendline seems to be moving laterally.
At the time of writing, SAND was trading at $2.92, up 6.47% on the day.
A Delhi-based Markets writer, I did my bachelor's in engineering with major in electronics and communications. I first heard of bitcoin while writing an article about blockchain technology a few years back, and have been following it ever since. Bitcoin may well be current big thing happening in the finance industry, and it feels like the right time to join the crypto bandwagon.
NFT gaming platform Sandbox seeks to raise $400 million, Bloomberg reported. Meanwhile, SAND prices charted a bearish technical pattern.
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