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.
Welcome to this weekly series from the TradeRoom. My name is Dave and I’m the founder of The Crypto Den, an Australian-based crypto trading and education community aiming to give you the knowledge to take your trading game to the next level.
Crypto Market Outlook
Last week I touched on the US$600 billion drop in TOTAL crypto market cap. I warned that we could see some more selling pressure but there was no reason to stress or start panic selling. You can see below that the TOTAL crypto cap has indeed pulled back further to retest its current uptrend. So far it’s showing a bullish test with a long wick to the downside and a strong bullish engulfing candle on the daily timeframe.
Image from last week’s update
TOTAL crypto market cap current value
With the projection of the TOTAL heading down in value, I suggested BTC would follow this formation and see further bearish price action. My target being US$51,000, we haven’t hit that price YET. So far BTC is showing some signs of strength and the bottom of this local downtrend MIGHT be in, so it would serve you well to expect a bounce here and plan your trades accordingly.
That said, we’re not out of the woods yet. While BTC is trending below that local downtrend line and forming lower lows/lower highs (bearish market structure), we could see it hit that suggested area of support at US$51,500.
Projection from last week’s article
Current BTC price action
What’s interesting about the US$51,500 level is the perfect storm forming. There are so many key identifiers converging in that one area. We have:
the 61.8% Fibonacci retrace level;
daily 200 Exponential Moving Average(EMA);
daily level of support;
daily uptrend;
daily Higher Low (excellent market structure);
all of which plays well into the Elliott Wave Theory of market cycles.
It’s almost the perfect trade setup and something we discussed in last Thursday’s market scan in the TradeRoom. You can catch a sneak peek on our YouTube channel.
Last Week’s Performance
SAND/USDT
Last week in the TradeRoom, we were watching a lot of these Metaverse coins and SAND did not disappoint. I showed a bullflag forming on the 4H chart and was personally hoping to see a test of previous support and uptrend, but SAND didn’t want to wait. Breakout from the bullflag boasted a 120% push to the upside!
Bullflag breakout for SAND/USDT
LRC/USDT
Like SAND, LRC didn’t want to wait for another test on support. Breaking out of a falling wedge identified by one of our team leaders, Pete, last week LRC sported a 60% bullish push and currently seems to be forming a new bullish market structure.
GALA/USDT
Trade of the week has to go to TCD team leader Pete for his massive GALA trade! With 10x leverage (considered a safe leverage for experienced traders), Pete’s profit is currently over 2000% while a spot trade would give a massive 262% from entry. Pete is a pattern trader and often enters trades based off certain chart patterns. In this case, he has seen a symmetrical triangle bullish continuation pattern.
GALA/USDT Before
GALA/USDT After
This Week’s Trades
ADA/USDT
ADA has been trending down since the start of September and is really starting to come into some key levels here. This trade might play out this week or even over the next two weeks, but it’s certainly worth mentioning.
You can see in the chart below that ADA has currently found some bullish price action at the US$1.45 level of support. We could see a decent 30% push here, which would be great, and MAYBE even a breakout of the downtrend. However, I’m looking a little further ahead. If ADA rejected off the downtrend and pushed further below, the next, and likely last, level of support before revisiting US$0.30 is at the US$1 level.
This is a major level of both tested and psychological zone of support, and I’d expect to see some big money flow happen around here because failing to rally at US$1 would absolutely nuke ADA’s price action.
ADA/USDT
THETA/USDT
Another coin to keep an eye on is THETA. This is such a good coin to trade and will require a bit of patience to find the right entry.
After a period of consolidation, I’m looking to enter LONG/BUY at the RETEST of a breakout. This will of course highly depend on what BTC does this week, and it may stay in a consolidation zone a little longer. Nevertheless, it’s one to add to your watchlist.
THETA/USDT
OMG/USDT
OMG could be coming into a key area of daily support, and is likely a rally point if BTC can behave a little. If OMG can push from US$7 and reclaim its previous high of US$17, we’ll see 150% growth. Another one to add to the watchlist.
OMG/USDT
Invite to Join our TradeRoom
If you’d like to become a better trader, you’re invited to join our TradeRoom where we share daily charts and market analysis. In our community we strongly encourage and teach correct risk management strategies to keep our members safe in this new volatile crypto market. Join our “Apprentice” plan now for your 7-day trial.
TCD’s TradeRoom
The Crypto Den was created in 2017 to help the rapidly growing crypto community learn and understand the fundamentals of digital currencies and how to trade them.
Since then we have taught thousands of members the basics of technical analysis and trading strategies to further progress and perfect their trading abilities.
In the TradeRoom you will be included in a supportive environment which encourages personal growth, education and community support.
It’s a place to share your trading ideas and follow other experienced traders’ feeds to help keep your finger on the pulse of such a volatile market!
Welcome to this weekly series from the TradeRoom. My name is Dave and I’m the founder of The Crypto Den, an Australian-based crypto trading and education community aiming to give you the knowledge to take your trading game to the next level.
Crypto Market Outlook
The crypto markets took a pretty decent hit after a US$500 billion sell-off in the past week. If you’re one of those people I’m seeing across all socials freaking out about this, DON’T STRESS! You can see in the TOTAL chart below that the entire crypto cap took a US$600 billion hit back in September and recovered quite well. At this point I’m expecting the same to happen again.
TOTAL Crypto market cap
Looking at Bitcoin, we are seeing a bit of Elliott Wave Theory in play here. For those who don’t know what that is, it’s essentially investor psychology and sentiment presented as recurring patterns in the market – a 5 wave pattern, 3 waves up (impulse waves) and 2 waves down (corrective waves).
BTC is currently in the middle of wave 4 having a small bounce on the 50% Fibonacci level. We are expecting to to see further downside to a level of confluence between the current uptrend, 61.8% Fibonacci level and daily support level at US$51,500. All of which supports the Elliott Wave Theory.
BTC/USDT
Keep in mind wave 4 is a corrective wave. So this doesn’t mean doom and gloom. It would indicate BTC is simply having a healthy correction before the next leg up. I stand by our initial targets of US$78,000 as target 1 and US$87,000 as target 2.
Last Week’s Performance
MANA/USDT
MANA has again made the list this week for top performers. In the TradeRoom, these metaverse tokens have been going crazy despite BTC itself seeing bearish action. In last week’s article I mentioned MANA would likely see a pullback into that 61.8% Fib level, which it did before a continuation up. It performed perfectly with a price increase of 50%.
MANA/USDT chart from last week’s article
Current MANA/USDT Chart
ENJ/USDT
Another metaverse coin that performed well last week was Enjin: a nice clean pullback to a solid support level and the 50 Fib, and away she went with a nice 43% rise.
ENJ/USDT chart shared in our TradeRoom
ENJ/USDT Chart currently
This Week’s Trades
AXS/USDT
Sticking with the metaverse theme this week, we can’t go past AXS. Hoping to see a pullback to a good buy zone at the US$115 mark, where I’ll be looking for entries. If AXS continues to perform well with the BTC drops, who knows how high this beast can go?
AXS/USDT
SAND/USDT
Again with the MV coins I know but hey, profit is profit. SAND is currently looking to be forming a bit of a bull pennant, however I’m personally hoping to see a bigger pullback into a healthier buy zone at around the US$3.48 area. Why? Well, it’s a good test on what will be a new level of support, test on current uptrend and the 50% Fib retrace.
LRC/USDT
LRC is showing a really good pullback into a buy zone. In a chart posted in the TradeRoom by one of our team leaders, Pete, this morning you could see the buy zone clearly displayed in the 61.8% Fib level, which again is a common retracement level and Pete has also drawn a bullflag, which is a strong bullish continuation pattern. Target is US$2.10.
Pete’s LRC/USDT chart
Invite to Join our TradeRoom
If you’d like to become a better trader, you’re invited to join our TradeRoom where we share daily charts and market analysis. In our community we strongly encourage and teach correct risk management strategies to keep our members safe in this new volatile crypto market.
TCD’s TradeRoom
The Crypto Den was created in 2017 to help the rapidly growing crypto community learn and understand the fundamentals of digital currencies and how to trade them.
Since then we have taught thousands of members the basics of technical analysis and trading strategies to further progress and perfect their trading abilities.
In the TradeRoom you will be included in a supportive environment which encourages personal growth, education and community support.
It’s a place to share your trading ideas and follow other experienced traders’ feeds to help keep your finger on the pulse of such a volatile market!
