The Sweat economy became tradable late last month, and since then, other major cryptocurrency exchanges have listed the crypto. Despite this, the past few weeks of its existence have been tough and its prices continue to struggle in the markets.
Although this was expected due to the timing of the launch and the current bear market of the cryptocurrency industry, looking at the price action in the past few trading sessions leaves a lot to be desired. For starters, the project is down by 24 per cent this month. Even with a bearish trend standard of the industry, the Sweat price has outpaced the bear market to the downside.
There is also the factor of the project’s trading volume. For instance, in the past 24 hours, the trading volume has dropped by 37 per cent. Although such a swing is expected in most cryptocurrency projects, it causes unnecessary volatility, especially when the trading volume is not big enough.
However, despite the recent price drops, the Sweat economy still has a high chance of recovering in the markets. As stated above, the project is new and has come when the dominant market trend is bearish. Therefore, most investors have been cautious about new projects, which may have contributed to the current bear market.
Sweat Economy’s significant market correlation with major cryptocurrencies has also meant that it is dragged downwards each time the prices drop. Therefore, the current price drops are not entirely Sweat Economy’s fault.
That being said, there is a high likelihood that, in the next few trading sessions, we will continue to see the Sweat Economy price continuing to drop. The sweat price will likely drop below the $0.02 price level within the next few trading sessions. The current bear market also looks to be long-term, and I expect a possible drop below $0.015 for the long term. A trade above $0.026 will invalidate my analysis.
This post was last modified on Oct 10, 2022, 15:25 BST 15:25