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Sweat Economy Price Prediction as Volatility Dies Out
The Sweat Economy token entered its current bearish trend on November 5, and since then, it has traded aggressively to the downside. However, in the past few trading sessions, the bearish trend has slowed down in both its momentum and volatility. Instead, we have started to see calmer markets that are in tandem with the bigger cryptocurrency industry, which has also entered a horizontal trend in the past few trading sessions.
Part of the reason for the current bearish trend has been due to an industry-wide problem that was triggered by the fall of the FTX crypto exchange. The collapse of the second-largest crypto exchange saw the entire industry taking a nose-dive, with the Sweat Economy being among the most affected, with a 41 per cent drop last week.
Fast forward to this week, despite not showing signs of improvement, the bearish trend has not been as aggressive, with most trading sessions resulting in a sideways market. The result of this has been a small drop of about 3 per cent. The sweat Economy has also traded with no momentum and volatility for the entire week.
Sweat Economy Price Prediction
Looking at the chart below, it is clear that the past few trading session has seen the aggressive bearish trend from last week slowing down. This week has also seen the momentum and volatility of the Sweat Economy in the market ends. Indicators such as the Williams Alligator lines have also started to signal a slowed market activity, with the lines looking likely to criss-cross in the next few trading sessions.
Therefore, based on price action and the technical and fundamental analysis, I expect the current horizontal trend to continue for the next few trading session. There is a high likelihood we might see prices continuing to trade within the narrow price ranges of $0.0110 and $0.013 price levels for the next few days. However, a trade outside these ranges will invalidate my analysis and indicate the start of a new trend.
Kelvin Maina is a computer science graduate who has a passion for cryptocurrencies. In 2017, he became professional crypto and Forex technical analyst for CryptoPolitan and in 2022, he joined InvestingCube.com.
United States of America
