- The SWEAT coin price has given a breakout at $0.009847 from a bullish flag pattern.
- The moving averages indicate positive signals while the oscillators are negative.
Launched in 2016, Sweat Economy (SWEAT) is a popular mobile fitness app with over 110 million users across the world. The app motivates healthier living by rewarding users for daily physical activities with an in-app currency called SWEAT. Sweatcoin has raised 13 Million in investor funding and planning to hold a public token sale in the DAO marker launchpad.
Some Recent Price Performance of the SWEAT Coin
On December 28, 2022, the SWEAT coin price rallied toward $0.017472 with an increase of over 74%. Afterward, It fell below the $0.009847 major support level which caused a bearish perspective in the views of crypto investors.
The SWEAT coin price then started making minor bearish corrections at $0.009847 and fell to $0.004234 support. From that level, it started a bullish rally by forming swing higher highs structures and broke above the $0.007010 resistance.
That resistance played a key role in turning the SWEAT coin price bullish. In September 2023, the price started a rally from $0.007010 and gave a breakout of $0.009167 resistance, leading the price into a strong uptrend.
Subsequently, the SWEAT coin price formed a bullish flag pattern supported by the $0.008522 level. Recently, the pattern got broken but it has been showing less strength for the last few trading sessions.
Technical Analysis of the SWEAT Coin
The SWEAT coin price crossed above the 50-day EMA and has been taking support multiple support on it. Recently, the 50-day EMA and the 200-day EMA had a bullish crossover, which impacted the breakout of a bullish flag pattern. The 50-day EMA is at 0.009893, and the 200-day EMA is at 0.008900.
The SWEAT coin price is following a trendline that has been forming since June 2023. It made a bullish flag pattern at $0.008522, which recently got broken at $0.009847. It reflects potential buy orders at that level.
The price is sustaining above the $0.009847 breakout level at press time. It faced resistance from the $0.011381 level. If the SWEAT coin price manages to break above $0.011381 resistance, it may continue its bullish rally.
The relative strength index (RSI) is displaying sideways momentum reflecting neutrality in the current trading session. The RSI is sloping at 52.52 above the 50-mark band.
Conclusion
The SWEAT coin price follows the trendline forming below the current price. It has given a breakout of a bullish flag pattern and both the EMAs had a bullish crossover, indicating a positive perspective of the crypto investors. If the SWEAT token price manages to break above the $0.011381 resistance, it may continue its bullish rally. However, if it closes below the trendline, it can be seen falling on the $0.007010 support level.
Technical Levels
- Resistance levels: $0.011381 and $0.013246
- Support levels: $0.008522 and $0.006359
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.