Crypto news and price trends for The Sandbox (SAND) and RenQ Finance (RENQ).
Summary
Analysis of The Sandbox (SAND) and RenQ Finance (RENQ) crypto assets
It is worth mentioning that The Sandbox, whose native crypto is SAND, is a play-to-earn game that combines blockchain technology, DeFi, and NFTs in a 3D metaverse.
RenQ, on the other hand, aims to connect all isolated blockchains and establish a cross-chain asset exchange network, providing all the underlying support necessary for the DeFi ecosystem.
The Sandbox crypto news: current performance
The recent upswing in the cryptocurrency market has encountered a small hurdle, as increased FUD (fear, uncertainty, and doubt) among market participants has caused some hesitation.
However, a period of temporary consolidation could potentially benefit buyers, allowing for a resumption of bullish momentum and extending the positive trend observed over the past two weeks.
In any case, with continued uncertainty in the cryptocurrency market, the SAND price has witnessed a small correction phase over the past ten days. However, this bearish pullback revealed the formation of a pennant pattern in the four-hour chart.
This bullish continuation pattern triggers a significant upward run once the price crosses the overhead resistance trendline. At press time, the price of SAND is trading at $0.639 with an intraday gain of 2.63%.
Therefore, a potential breakout from the pattern resistance trendline could push the SAND price up by 35% to $0.865.
Despite this, in recent times, The Sandbox (SAND) has failed to maintain its position in the cryptocurrency world. In fact, The Sandbox (SAND) has suffered a sharp decline after having a fairly positive performance in the past two months.
Not even a week ago, SAND was trading for $0.52, which represents an astonishing 8.6% drop from the previous days. We see that in the span of one month, The Sandbox (SAND) has plummeted more than 36%.
At the beginning of February, SAND was priced at $0.83, but it soon started a downward trend and fell to $0.65 within a few days.
The Sandbox (SAND) managed to recover and rose to $0.87 at the end of February, but only to fall again and reach its current price. Hence, the future of The Sandbox (SAND) is now uncertain and is currently a rather risky investment.
Could RENQ outperform Bitcoin in 2023?
RenQ Finance is a DeFi platform that aims to provide institutional-grade liquidity to the DeFi market. The platform was launched in 2023 and quickly gained popularity.
Specifically, due to its innovative features and fast-growing presale that was oversubscribed in the first and second phases after launch. It has now raised over $3.2 million in a short time in the current third phase.
RenQ Finance offers a range of DeFi services, including an all-in-one solution for trading requirements, cross-chain compatibility, highly leveraged trading, and a governance portal for protocol changes.
The platform’s unique infrastructure model, which combines on-chain and off-chain technologies, enables institutional-grade liquidity and slippage-free trading on a decentralized exchange.
But why might RENQ surpass Bitcoin? The main reason why RENQ could outperform Bitcoin in 2023 is its potential to become a leader in the DeFi space.
As we know, demand for DeFi services has increased significantly over the past year, and this trend is likely to continue. In this case, RenQ Finance has proven to be a very promising project with solid technological capabilities and a clear roadmap for future growth.
In addition, RenQ Finance offers a decentralized platform for trading and access to various financial products. Its multi-chain approach enables greater interoperability, while the use of a Layer 2 scalability solution ensures low transaction costs and fast processing times.
In addition, RenQ Finance recently underwent a security audit by CertiK, a leading blockchain security company, which further strengthened investor confidence in the safety and security of the project.
As RenQ Finance offers a range of DeFi services and is well positioned to capitalize on this trend, it is likely to benefit from increased demand for its services, leading to increased demand for its native cryptocurrency, RENQ.
The Sandbox and the partnership with Ledger Enterprise
Late last week, The Sandbox announced that it had partnered with Ledger Enterprise to offer scalable security and treasury management for the metaverse.
In addition, by working together, the two companies should make it easier for brands to connect with the metaverse. In any case, the partnership between Ledger Enterprise and The Sandbox will cover a variety of topics. Among these, we see, the addition of The Sandbox over Ledger Enterprise in the category of decentralized applications.
This will allow brands to own and use LAND from the metaverse ecosystem. Subsequently, the two will build synergies to help each other grow. What’s more, Ledger Enterprise is recommending The Sandbox to its customers who are looking to enter the metaverse space.
The Sandbox, on the other hand, will advise its LAND owners to explore their options in Ledger Enterprise. The desktop version of Ledger Live will include a widget from The Sandbox metaverse.
Finally, all non-fungible tokens (NFTs) will be migrated to a secure wallet on Ledger Enterprise that offers an additional layer of security, thus protecting users and their digital assets from modern threats.
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