SAND is the best performer amongst the top 50 cryptocurrencies by market cap so far today.

The cryptocurrency market continues its poor performance this week. The broader market has lost nearly 4% of its value over the past 24 hours. The total crypto market cap could fall below $1.2 trillion if the bearish trend continues.

Bitcoin is struggling around the $29k level after losing 1.7% of its value so far today. Ether has lost 6.5% of its value in the last 24 hours and could soon drop below the $1,800 resistance level.

However, SAND, the native token of The Sandbox ecosystem, is the best performer amongst the top 50 cryptocurrencies by market cap. SAND is currently outperforming the broader market after adding more than 4% to its value in the last 24 hours.

At press time, SAND trades at $1. 33 per coin, up by more than 7% over the past seven days.

The primary catalyst behind SAND’s positive performance is the news that PCCW and HKT have partnered with The Sandbox.

Thanks for these partnerships, PCCW & HKT are the first Hong Kong-based integrated communication, media, and technology (CMT), organisations to join the metaverse. This will open up a new frontier of the digital world.

Key level to watch

The SAND/USD 4-hour chart remains bullish, despite the bearish trend in the wider cryptocurrency market. SAND outperforms all major cryptocurrencies, according to technical indicators.

The MACD line crossed into positive territory, which indicates bullish momentum. The 14-day RSI of 51 shows that SAND is no longer in the oversold region.

If the rally continues, SAND may surge past the $1. major resistance level. 556 over the coming hours. The resistance level of $1. 833 should cap further upward movement in the short term.

With the wider market still bearish, SAND may retrace its earlier gains and drop below $1. 278 support level before the end of the day.