- Sweat Economy has made a bearish breakout on the 4H chart.
- It crashed below the rising wedge, pointing to more downside.
Sweatcoin price has lagged the performance of other cryptocurrencies even as the Web3 network continues thriving. SWEAT was trading at $0.015 on Monday, where it has been in the past few days. This price is about 51% above its all-time low of $0.0100. It remains about 82% below its all-time high.
SWEAT performance disappoints
Sweat Economy is the cryptocurrency for the Sweatcoin ecosystem. For starters, Sweatcoin is one of the fastest-growing fitness apps in the world. The app uses advanced technology to track its users steps and other types of activities. Users are then rewarded using the $SWEAT token, which they can then use to shop in its app or even exchange for fiat currency in one of the many exchanges.
Sweatcoin is probably the most successful Web3 network. According to Statista, it was the most downloaded fitness app in 2022. It was followed by other apps like Blood Pressure App and Home Workout. According to Sweatcoin, its app has more downloads than what is estimated by Statista.
Meanwhile, according to Sweat Economy, the crypto coin has over 120 million users across its Web 2 and Web 3. As part of its roadmap, the developers have launched the Sweatcoin NFTs and a platform to buy SWEAT and crypto with fiat.
The next stage will be the launch of SWEAT DAO, which will have governance features. Other products that will be launched in 2023 are an NFT marketplace and an introduction of an inactivity fee . Also, they will introduce the ability to exchange crypto for crypto.
The most recent Sweat Economy news is that the developers announced that they had passed 1 billion transactions, including minting, growth jars, and transfers.
Sweatcoin price prediction
On the 4H chart, we see that the Sweat Economy price made a bearish breakout on Sunday. Before this breakout, the coin had formed a rising wedge pattern, which is usually a bearish sign. $SWEAT has dropped below the 25-day and 50-day moving averages. It has also dropped below the Ichimoku Cloud while the Relative Strength Index (RSI) has continued falling.
Therefore, the outlook of the SWEAT crypto price is bearish, with the next key support level being at $0.014. A move above the key resistance point at $0.015 will invalidate the bearish view. It will signal that there are still more buyers who will be keen to push it to the year-to-date high of $0.017.
