Altcoins, which had fallen due to allegations of being fake tokens, experienced a rise following news from South Korea
SAND, the native token of the metaverse project The Sandbox, was one of the biggest performing altcoins in the cryptocurrency market today. It saw a surge exceeding 61% during the day, briefly reaching $0.07. While instantaneous prices and daily change rates vary across different platforms due to data release times, the main driver of the rise was stock market decisions from South Korea
Upbit, Bithumb, and Coinone have announced that they have lifted the transaction alert applied to SAND. The alert was issued in August due to unusual token production on The Sandbox’s cross-chain bridge, during which time SAND deposits and withdrawals were also restricted
The stock markets’ conclusion that the risks associated with the project have been eliminated accelerated demand for SAND against the South Korean won. However, the rapid rise caused technical indicators to reach the overbought zone. The daily RSI exceeding 77 and shorter timeframe RSIs exceeding 90 increases the risk of profit-taking
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