The price of cosmos (ATOM) continued to decline on Thursday, while sandbox rallied following its partnership with Warner Music Group. Overall, crypto prices were trading 3% lower in today’s session, after yesterday’s FOMC announcement.
The biggest winners
The token sandbox (SAND) was one of Thursday’s biggest gainers, climbing as much as 8% as prices rose following the announcement of a partnership with WMG.
It was announced that the partnership was made with the hopes of creating a concert venue/theme park within the metaverse.
SAND/USD hit an intraday high of $3.54 on the news, which is its highest level in five days, and comes after a rally from support at $2.99.
Today’s move has helped to propel SAND into the crypto top 40, replacing helium (HNT) in the process.
Looking at the chart, prices have come down somewhat from today’s earlier highs and are now below a short-term high of $3.57.
Many now wait to see the impact this partnership will have on the future of the metaverse.
The biggest losers
Cosmos (ATOM) was down for a second consecutive session, falling to an intraday low of $30.14 in the process. This drop pushed the cosmos below the DAI, making it the 20th in cryptocurrency market capitalization.
The move saw ATOM/USD extend its recent selloff, which began at the resistance level of $36.30 earlier in the week.
Over the weekend, ATOM tried to break above this ceiling, but market strength faded, once the RSI level of 50 prevented any further gains.
This level has acted as a point of uncertainty in the past, and coincided with a cross of moving averages which shifted momentum.
Looking at the chart below, the recent decline appears to have started just as the 10-day (red) and 25-day (blue) moving averages moved lower.
As a result, prices are now nearing support of $29.20 and were trading over 10% lower as of writing.
