Biggest Movers: SAND Surges on HSBC Partnership — MKR, WAVES Both Nearly 10% Higher

Biggest Movers: SAND Surges on HSBC Partnership — MKR, WAVES Both Nearly 10% Higher

SAND was higher on Wednesday, as it was announced that HSBC was set to enter the Metaverse via The Sandbox. While up nearly 10% on the news, MKR and WAVES were also some of today’s leading gainers. The Sandbox (SAND)

On Wednesday, it was confirmed that The Sandbox and the British financial institution HSBC agreed to a partnership that would see the bank enter the metaverse.

The news saw the project’s native token SAND surge in today’s session, climbing by over 9% as of writing this, moving away from its recent support level in the process.

Following its rally from support of $2.65, SAND/USD hit an intraday high of $3.01, which is its highest level since March 9. SAND/USD – Daily Chart

This move came as the 14-day Relative Strength Index (RSI) rose past its ceiling of 42.5, which took place for the first time since the end of February.

Now tracking at 45.4, the RSI is approaching yet another resistance point, this time at 46.25, a level which hasn’t been in almost four weeks.

Should this happen, the first price target will be the $3.15 level, which has acted as resistance in the past.

WAVES

Although SAND/USD was today’s biggest gainer, WAVES was a close second, with MKR flanking in third place.

WAVES once again broke past recent resistance of $29.10, on its way to its highest level since October 27, when price peaked at $33.86.

As of writing this, WAVES/USD rose to an intraday high of $30.98, which is over 8% higher than yesterday’s low of $26.06. WAVES/USD – Daily Chart

WAVES lost momentum following today’s breakout, as it appears that traders liquidated positions in anticipation of a reversal.

The RSI also remains steady, tracking at 74, which is lower than the recent peak of 84, which could mean that there could still be more upside here. Tags in this story HSBC, Metaverse, MKR, The Sandbox (SAND), WAVES

Do you believe more institutions will use The Sandbox to enter the metaverse? Let us know your thoughts in the comments. Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC Back Above $40,000, ETH Eyes $3,000 as Fed Meeting Looms MARKET UPDATES | 9 hours ago Biggest Movers: IOTX Climbs 13%, as GRT Leads Gainers on Tuesday  MARKET UPDATES | 1 day ago

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