Sweat Economy price is stuck in a range but a 34% jump is likely

Sweat Economy (SWEAT) price moved sideways this week even as other cryptocurrencies like Bitcoin, Solana, and Near Protocol jumped. The token was trading at $0.0090, down by 14.40% from the highest point in October. Despite the pullback, $SWEAT is still up by over 112% from the lowest point this year.

NearCon event ahead

Cryptocurrencies have embarked on a major rally recently, helped by the strong Bitcoin surge. Bitcoin rose from September’s low of $24,800 and now sits above $35,000 as hopes of a Bitcoin ETF rose.

Sweat Economy has moved into a consolidation phase as investors wait for the next catalyst. Just recently, we reported that that the company had expanded into more countries, including the United States.

Looking ahead, the next potential catalyst for the coin will be next week’s NearCon event in Lisbon. This is an important event that brings together the biggest players in Near Protocol’s ecosystem.

According to the event’s website, Sweat’s Oleg Fomenko and Nik Pletkios, will be among the top speakers. In their speeches, there is a likelihood that they will talk more about the Sweat ecosystem and some of the upcoming news.

Pumped to have @oleg_fem, the dynamic CEO of @SweatEconomy, at NEARCON!

Join us to explore how the Sweat Economy is catalyzing the move-to-earn phenomenon, making fitness rewarding for all! 🏃‍♂️💨" pic.twitter.com/iqKY2V6Rb1

— NEAR Protocol (@NEARProtocol) October 24, 2023

Historically, cryptocurrencies rise towards or during a major event. For example, Solana and other coins in its ecosystem like Raydium are among the top-performers as the BreakingPoint event continues.

Similarly, Near Protocol’s NEAR has been one of the best-performing cryptocurrencies this week. 

Sweat Economy price forecast

SWEAT chart by TradingView

The daily chart shows that the $SWEAT price has made an impressive recovery after bottoming at $0.0041 in June. Recently, however, the token has moved sideways after finding substantial resistance.

A closer look shows that the token’s consolidation happened after it retested the important 50% Fibonacci Retracement level. Historically, financial assets either consolidate or pullback after testing a key retracement point. 

Most importantly, SWEAT is being supported by the 50-day and 100-day Exponential Moving Averages (EMA). It has failed to move below the 50-day EMA several times. It has also found a support at the 38.2% retracement point.

Therefore, there is a likelihood that the coin will bounce back as buyers target the 61.8% retracement point at $0.012, the 61.8% retracement point. This price is about 34.10% above the current level. This view will be confirmed if it moves above the 50% Fib level at $0.012.