Sweat crypto price has struggled in the past few days as it remains in a price discovery phase. The token dropped to a low of $0.0488, which was about 60% below its all-time high. According to CoinMarketCap, the coin’s total market cap has dropped to about $129 million.
What is SWEAT and why is it falling?
Sweat Economy crypto is one of the newest cryptocurrencies that was launched last week. The coin is part of the Sweatcoin ecosystem. Sweatcoin is a leading fitness brand that rewards people for doing simple exercises like running, jogging, and walking, It has over 110 million users from around the world.
Sweatcoin launched the Sweat Economy cryptocurrency last week. The goal is to ensure that users can easily cash out their SWEAT coins that they have made in the ecosystem. Now, holders of the coins have a chance to cash it out by selling in some of the leading exchanges in the world.
SWEAT price is falling for two main reasons. First, it is still in a price-discovery phase since it is a relatively new cryptocurrency. As such, investors are attempting to establish its true value. Second, it is falling as the correlation with other cryptocurrencies continues.
A quick look at the crypto industry shows that most coins have been in a downward trend. Ethereum price crashed to $1,300 while BTC dropped to about $18,000. Cryptocurrencies have a close correlation with each other.
Sweat Crypto price prediction
The 30-minute chart shows that the Sweat Crypto price has been in a strong bearish trend in the past few days. It has dropped to the lowest level since 16th September. Along the way, the coin has moved slightly below all moving averages while the RSI has moved slightly below the neutral point at 50. SWEAT has also moved slightly below the descending trendline shown in black.
Therefore, the coin will likely continue falling as sellers target the next key support level at $0.040. This drop will be confirmed if it manages to move below the support at $0.045. A move above the resistance at $0.050 will invalidate the bearish view.