Gucci has announced plans to expand into The Sandbox metaverse. The luxury brand has bought an undisclosed quantity of lands within the virtual world in a project labelled Gucci Vault, and is seeking to appeal to Generation Z with the move.
Step Inside the Gucci Vault
The announcement accompanies a February 10 Twitter post introducing the Gucci Vault, which Gucci describes as an experimental space and is the brainchild of the company’s creative director, Alessandro Michele. Fans have already responded positively to Gucci’s corporate metaverse involvement:
In a blatant pitch to Gen Z, The Sandbox has stated that Gucci’s new endeavour is “inspired by childhood memories” and hopes to stimulate the conversation surrounding the metaverse and the designer fashion industry’s future. The company’s plans to enter the metaverse follow its mid-2021 release of a non-fungible token (NFT) collection.
The Gucci Vault Instagram account is up and running and while its posts remain cryptic, it is said that the project will also be a means for Gucci to sell vintage pieces alongside those from other notable designers. If you’d like to learn more about the Gucci Vault, the official Discord channel is now live.
Sandbox Moves from Strength to Strength
Gucci is not The Sandbox’s first partnership. The Ethereum-based game announced a collaboration last month with Warner Bros to launch the first music-themed metaverse. Purchasing lands within the game will allow the company to develop a musical theme park and concert venue.
The Sandbox lands description. Source: The Sandbox
The Sandbox token (SAND) skyrocketed at the end of 2021 as Facebook’s announcement of its rebranding to Meta had a butterfly effect on the industry. While the price of SAND is currently sitting at around A$6.25, further brand involvement could see it continue to rise.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. The Sandbox (SAND)
The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.
SAND Price Analysis
At the time of writing, SAND is ranked the 36th cryptocurrency globally and the current price is US$4.62. Let’s take a look at the chart below for price analysis:
SAND‘s impressive rally during Q4 halted at $8.50 before retracing 70% of the move. This price action created several areas of possible higher-timeframe resistance in the process.
The price found resistance on its last swing upward near $4.80 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $5.23. If this area does provide resistance, it would suggest the formation of a higher-timeframe consolidation.
The fast move up left little higher-timeframe support. However, a vast zone between $4.39 and $4.05 has provided support before and could give support again on a retest. This zone is between the 61.8%-to-78.6% retracement levels of Q4’s parabolic move.
Inside this zone, the consolidation high near $3.88 to $3.66 might see more sensitivity and mark the bearish target.
Continuation downward through this level, especially if the overall market remains bearish, could retrace most of Q4’s move to the next higher-timeframe support near $3.42.
2. Terra (LUNA)
Terra LUNA is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its whitepaper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin, and offers fast and affordable settlements. Terra’s native token, LUNA, is used to stabilise the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token.
LUNA Price Analysis
At the time of writing, LUNA is ranked the 9th cryptocurrency globally and the current price is US$54.47. Let’s take a look at the chart below for price analysis:
After breaking its monthly lows last week, LUNA began a range that has been whiplashing both bulls and bears.
Resistance beginning near $60.23 held the price down for the weekly opening, although bulls have shown some strength near the 9 and 18 EMAs.
A quick drop to $50.37, or into the zone beginning near $47.87, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near $65.47 provides a reasonable target.
A break of this level could move further into uncharted territory with the nearest probable resistances projected around $72.28 and $80.57.
More patient bulls might be waiting far below the 40 EMA with bids close to the higher-timeframe range’s 61.8% retracement, near $45.59.
3. Curve DAO Token (CRV)
Curve CRV is a decentralised exchange for stablecoins that uses an automated market maker (AMM) to manage liquidity. Curve has gained considerable attention by following its remit as an AMM specifically for stablecoin trading. The launch of the DAO and CRV token brought in further profitability, given CRV’s use for governance, as it is awarded to users based on liquidity commitment and length of ownership. The explosion in DeFi trading has ensured Curve’s longevity, with AMMs turning over huge amounts of liquidity and associated user profits.
CRV Price Analysis
At the time of writing, CRV is ranked the 69th cryptocurrency globally and the current price is US$3.39. Let’s take a look at the chart below for price analysis:
Last week, traders enjoyed 20% gains at CRV‘s peak before the price confirmed stiff resistance beginning at $3.50.
The 4-Hour chart shows that support may be forming between $3.10 and $2.94, near the monthly open. Aggressive bulls could enter in this area, although safer entries may be found much further below near $2.88 and $2.81 after a sweep of the current consolidation’s swing lows.
The last swing high near $3.65 provides a likely first target if the price does bounce from this region. Beyond this swing high, the 1.0 extension near $3.90 and the 2.0 extension near $4.25 and $4.38 may provide the next major targets.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
