Technical Analysis: DAI Overtakes Cosmos, as Warner Deal Sends the Sandbox Higher

The terms of cosmos (ATOM) continued to diminution connected Thursday, portion sandbox rallied pursuing its concern with Warner Music Group. Overall, crypto prices were trading 3% little successful today’s session, aft yesterday’s FOMC announcement.

Biggest gainers

The token sandbox (SAND) was 1 of Thursday’s biggest gainers, climbing by arsenic overmuch arsenic 8 %, arsenic prices roseate pursuing quality of a concern with WMG.

It was announced that the concern was made with the hopes of creating a performance venue/theme parkland wrong the metaverse.

SAND/USD deed an intraday precocious of $3.54 connected the news, which is its highest level successful 5 days, and comes aft a rally from enactment of $2.99.

Today’s determination has helped to propel SAND into the crypto apical 40, replacing helium (HNT) successful the process.

Looking astatine the chart, prices person somewhat tailed disconnected from today’s earlier highs, and present beryllium beneath a short-term ceiling of $3.57.

SAND/USD – Daily Chart

Many present hold to spot the interaction this concern volition person connected the aboriginal of the metaverse.

Biggest Losers

Cosmos (ATOM) was down for a 2nd consecutive session, falling to an intraday debased of $30.14 successful the process. This diminution pushed cosmos beneath DAI, resulting successful it becoming #20 successful cryptocurrency marketplace cap.

The determination saw ATOM/USD widen its caller selloff, which began astatine the absorption level of $36.30 earlier successful the week.

Over the weekend, ATOM attempted to interruption supra this ceiling, however, marketplace spot faded, erstwhile the RSI level of 50 impeded immoderate further gains.

This level has acted arsenic a constituent of uncertainty successful the past, and coincided with a transverse of moving averages which shifted momentum.

Looking astatine the illustration below, the caller diminution seems to person started conscionable arsenic the 10-day (red), and 25-day (blue) moving averages crossed downwards.

ATOM/USD – Daily Chart

As a result, prices are present nearing enactment of $29.20 and were trading implicit 10% little arsenic of writing.

Will bears proceed to propulsion ATOM/USD little successful tomorrow’s session? Let america cognize your thoughts successful the comments.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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