What an ironically awful bear market is going on with Sysorex (OTC: SYSX)? It is soaring 182% while Ethereum miners are barely holding by bearing huge costs. The crypto market has already crossed support levels of $1000 and $900.
Anytime Ethereum will plunge drastically to even $500 even though giant crypto holders and influencers are trying to calm down the public when interest rates are high, inflation isn’t cooling down, regional conflicts are going on, and covid-19 isn’t gone yet.
Even though the blockchain technology is perfectly built but its crypto will bleed further as it has been growing after 2008’s financial crisis. This is the first time the crypto to face a recession. The majority of altcoins will die then new money will flock in after ETH will reach the bottom of $300 or $400.
Unfortunately, Sysorex is rocketing through dead cat bounce. Next week it will join the red army of plunging stocks. So, it is too early for us to be happy with crypto-related stocks.
A month ago the company provided business updates to tackle against upcoming crypto market recession. Probably, the revenue might fall as businesses will cease spending aggressively.
No good expectations are awaiting SYSX this year. However, it may be pumped when ETH will start emerging after reaching the deep bottom.