The Sweat Economy's price has been in a strong bearish trend since its launch. The downward trend is likely to continue in the months ahead.
Sweat's cryptocurrency price has suffered in recent days as it remains in a price discovery phase. The token fell to a low of $0.0395, or 58% below its all-time high.
A brief look at the cryptocurrency market shows that the majority of currencies have been declining. The price of Ethereum traded below $1,350, while the price of Bitcoin fell to around $19,000. Cryptocurrencies are closely linked to one another.
SWEAT is becoming less expensive for two primary reasons. First and foremost, because it is a new coin, it is currently in the price discovery phase. As a result, investors are striving to ascertain the company's genuine value. Second, it continues to fall as it is associated with other cryptocurrencies.
According to the hourly chart, Sweat Crypto's price has been in a strong bearish trend for the previous four days. It has reached its lowest point since September 22th. The currency has dropped slightly below all moving averages along the way, while the RSI has fallen slightly below the neutral point of 33.56. SWEAT has slipped below the downward trendline.
The current negative trend may continue, according to the Keltner Channel indicators for Sweat Economy (SWEAT), because the most recent candlesticks are below the middle of the chart. Furthermore, because the most recent candlestick is bearish, the current drop in SWEAT's price may be extended before any reversal is predicted.
The hourly chart of the SWEAT Moving Averages shows a downward trend, as seen by the recent fall. Because of the 20, 50, 100 and 200 EMA, long-term traders may assume that the price is bearish.
On the upside, the price is facing resistance at $0.04200. The major resistance is found near $$.04400. A break over $0.04400 might jump a strong rise towards $0.04800. Any more advances might open the door for a move towards the $0.05200 level.
If SWEAT fails to break through the $0.4200 resistance level it may begin a new fall. On the downside, The next major support level is at $0.03900. A breach below the $0.03900 support level may increase selling pressure. SWEAT's price might fall to around $0.03000 in the near future under the aforementioned scenario.
KEY LEVELS :
RESISTANCE LEVEL : $0.04400-$0.05100
SUPPORT LEVEL : $0.03500-$0.03000
Will SWEAT establish a new weekly low? Is the picture saying almost everything?