SANDUSDTPERP Buy long | S6T2 - Team Trading Post for Team Frontline

Hello everyone, last team's trading contest was fun and helpful in gaining experience in trading. I happened to be a member of the investors team then. For this week, I'm happy to join Team Frontline. The leaders of this team are Crypto Academy Professors @abdu.navi03 and @shemul21.

Like I usually do with most of my posts, I'd state the questions required for this post and answer accordingly.

The Sandbox is a blockchain metaverse launched on the Ethereum Blockchain network. A metaverse is a virtual world where users can perform activities like in the real world. The Sandbox is also a play to earn game. Users can create or purchase avatars, lands, games, etc. In this virtual world called the Sandbox, users own their creations (NFTs). They use Voxel Editor to create 3D animations of objects which can be uploaded into the game. After uploading, they can sell the asset to other users in the marketplace of the Sandbox. In this virtual world where users can purchase and sell assets, a token exists to make these transactions possible; SAND is the name of this token.

The Sandbox is a product of the Pixowl company. This company was founded by Arthur Madrid and Sebastien Borget in 2011. The Sandbox was also launched that year. The Sandbox team is made up of 28 members including the founders.

The SAND token is an ERC-20 token secured with the proof-of-stake consensus algorithm. Token holders are able to stake their SAND and earn rewards for locking their tokens for a period of time.

SAND has a value of $3.18 currently. It has a market cap of $3,578,866,401 and a maximum supply of 3,000,000,000 SAND.

SAND reached its all-time high of $8.44 3 months ago. Its lowest price within 3 months is $2.63, and its highest within this month is $4.85.

SAND has markets with different asset pairs. The most common pair is SAND/USDT. You can find SAND in many exchanges with its various asset pairs. The exchanges with high liquidity you can find SAND are Binance, Huobi Global, KuCoin, Gate.io and Bybit.

The Sandbox is a very good project. Since the success of Axie Infinite, many people have gained interest in play to earn games. The Sandbox isn't just a play to earn with NFTs, it is a metaverse. It also has a lot of influential partners like Snoopdog, Adidas, the walking dead etc.

I'm quite optimistic about Sand because of its project. I had an interest in SAND before it reached its all-time high. After hitting its lowest this week which is almost the same as its lowest 3 months ago, I believe it is on a new rise to a higher high. Also, it has this adventure called Alpha. Its season 2 is coming this 3rd of March, 2022.

I believe SAND would rise above $10 before the end of August and its rise wouldn't end there.

The name of the SAND asset I chose to trade was SANDUSDTPREP. This is a futures asset on Binance. My capital isn't much and so to make significant profits with little capital I use the leverage offered by Binance for futures trading.

I don't often use indicators on my charts. The ones I normally use are the RSI and the 20 period EMA. I mostly trade with price action and support and resistance levels. I've been sticking to just these and they work well with me. I also use multi-timeframe analysis to enable be spot reversals in the lower timeframes.

After marking the support and resistance levels with horizontal lines, I used the RSI to check whether the asset was overbought or oversold. After noticing the asset was oversold, I used the support level that was broken to identify a good entry point. I expected the price to fall a bit and rise back up and so I decided to take a long position.

After some hours, the limit order I set was triggered. The entry point was quite sharp. The trade details would be provided in the next section.

With futures trading, you can make profits in seconds and minutes because of the leverage. My plan was to hold for some minutes or hours and sell. Futures is very risky and very profitable. I wouldn't advise people who aren't really good at trading to try it. You could lose all your funds in minutes with the wrong position.

Because of how unpredictable the market is I use limit orders to minimize risk. My trade entry was 3.12820, TP was 3.27960, and SL was 3.14000.

After a while, I came to check the trade and decide to raise the SL a bit so that in case the price reversed and I fail to notice, the trade wouldn't close with losses. The new SL was 3.13810. The price went lower than my SL and the trade closed. It later went back up which was quite painful because it hit my TP afterwards.

The good thing is the trade ended with no loss, if the price continued to fall after going lower I'd be singing a different song.

The trade details can be seen from the image above. I made a profit of 0.2871.

SAND is a token I would recommend people to buy. Before it reached $8.44, I told some friends to buy it. @abanksforever is one of them. I believe he bought SAND at $5.34 before the rise. The metaverse is also a very interesting technology. In this virtual world, you can make business and sell your products. I believe it's already on a rise to a higher price.

I'd recommend others to buy now because it's a good investment. It is also important to note that you have to sell the asset after it reaches a certain target price to take your profits. Some investors buy assets and leave the assets for too long periods. Instead of leaving the asset, you could sell off at a high price, wait for the price to drop, buy again and repeat the process.

Also, this recommendation is not from a trading expert. It is also important to note that cryptocurrencies are highly volatile and my price predictions could be false as I do not control the market.

The Sandbox Alpha is a play-to-earn event on the Sandbox. This event lasts weeks and allows players to explore the Sandbox metaverse. The first season was on November 29, 2021. Before the event, the price of SAND shot up explosively and it reached its all-time high.

The next season is this 3rd March 2022. It will be available on PC and macOS. The price of SAND is expected to gain some increase with this event. To participate in this event you need an NFT pass. This can be purchased at Opensea.

The event provides 35+ interesting experiences like Snoop Dogg's Foreplay, Hong Kong’s Star Ferry Pier and Missing Parts by Celsius Online. There are also games and other experiences which you can participate in to get SAND.

I really expected more profits from today's trade. Unfortunately, the profits were less because I decided to minimize risk. The good thing is I've gained more experience which would make my next trade better.