Is Sweatcoin’s crypto a good buy?

The Sweat Economy (SWEAT/USD) price is in a price discovery mode after the cryptocurrency started trading this week. The token traded at $0.055 on Friday, which was about 52% below its all-time high, giving it a market capitalization of over $116 million.

What is Sweat Economy and is it a good buy?

Sweat Economy is the original cryptocurrency for Sweatcoin, one of the largest and fastest growing companies in the fitness industry.

Sweatcoin is a for-profit fitness company that bears a close resemblance to StepN. Users install the app and are then rewarded for every move they make. A thousand steps equals 1 SWEAT. Users also make SWEAT coins by viewing ads in the ecosystem.

For a long time it was impossible to redeem these coins for cash. Instead, users had to get rewards directly from the ecosystem. For example, a user can get a discount from one of the company’s partners. Some of the partners are companies such as Jumpspeak, Do Fasting, Tranya, Netflix, Adidas and Shein.

This changed this week after the company launched SWEAT Economy, a cryptocurrency for the ecosystem. As a result, all SWEAT coins were converted into cryptocurrencies that users can sell on any exchange.

The SWEAT price has not been doing well in recent days. There are three main reasons for this. First, the coin is still in a price discovery mode as investors evaluate whether or not it is a good buy. Second, there is a likelihood that many SWEAT holders will simply sell and cash out. Third, as a new token, it is still not offered by most brokers, including Coinbase.

Still, a case for SWEAT can be made. First, the developers aim to introduce more utility into their ecosystem by introducing DeFi and NFTs. In addition, the network has a large user base, with over 110 million people around the world.

Sweat economy price prediction

The 30-minute chart shows that the SWEAT price has been in a deep dive downwards for the past few days. During this period it has formed a descending channel which is shown in black. It is now approaching the lower side of this channel. At the same time, it is approaching the important support level of $0.0485, which was the low level this week.

Therefore, the SWEAT price is likely to continue to fall as it remains in a price discovery phase. In the long term, the coin is likely to bounce back.