Sweat crypto price has come under intense pressure in the past few days as cryptocurrencies recoil. The coin crashed to a record low of $0.0227, which was about 80% below its highest level on record. Sweat Economy has a market cap of more than $89 million.
Is SWEAT a good buy?
Sweatcoin is a leading tech company that is disrupting the fitness industry using blockchain. The platform makes it possible to make money by doing simple things like walking, running, and jogging. Users simply need to download and install the app and then start earning SWEAT coins instantly. For every 1,000 steps, these users make a SWEAT crypto.
For a long time, SWEAT had limited value in that it was not possible for people to change the coins into cash. Instead, they used to store them or spend them inside the ecosystem. This changed in September when the developers unveiled the token generation event. Today, any user can sell their SWEAT coins for cash at any exchange.
The developers also launched an easy-to-use mobile wallet that people can use to transact with the cryptocurrency. Holders of SWEAT are also seeing more value for the coin. For example, the developers committed to using 50% of its profits to buy SWEAT from the secondary market. This SWEAT will be burned or distributed as staking yield. By burning, they are able to reduce or prevent dilution as the number of people taking steps increases.
Sweat crypto price prediction
The four-hour chart shows that the Sweat crypto price crashed to a low of $0.0227 on September 23rd. It then made a slow recovery and moved to the current $0.032. The coin has moved to the 25-day and 50-day moving averages while the MACD has moved slightly below the neutral level. It has also formed a symmetrical triangle pattern that is shown in black. This pattern has a close resemblance to a bearish flag pattern.
Therefore, there is a likelihood that the coin will have a bearish breakout as sellers target the next key support level at $0.0227. A move above the upper side of the triangle at $0.036 will invalidate the bearish view.
