Bearish price action on September 9 to September 15 resulted in Algorand by 8%.
The downward movement of the Algorand price last week indicates the chosen market is. The price swings of ALGO pointed to the presence of medium volatility. The price action of the coin has been accompanied by the decreased market capitalization of the said digital asset. The crypto coin's market experienced a falling trading volume during the observed time period, which fell in line with the price action.
The situation on the Algorand market allows us to characterise its volatility as mild. During the reviewed period, the volatility of ALGO was in the middle register, averaging at 7%. The most significant volatility occurred on September 9 and reached 7.12%. The asset's volatility was at its lowest on September 13 when it dropped to 0.65%. The mild volatility during the period of review allowed the price of the crypto coin to remain stable and predictable.
While the overall situation on the Algorand market was neutral, the trading session on September 9 kicked off at the $0.3 price level. The first day of price action was marked by the 6% move to the upside from the point where the trading session opened. On September 10, the price of the coin has shifted by 1% from the daily open on the back of a good trading volume. Algorand posted the interim low at $0.32 on September 11 and then moved up by 1% and peaked at $0.33. ALGO ’s performance during September 12 was the following: the price declined by 1% in conjunction with the acceptable trading volume. The developments on the Algorand market on September 13 started with the price opening at $0.32 and subsequently moving to $0.3, the close of the day, while dropping to the 24H low at $0.3 and spiking to the 24H high at $0.3. No changes were observed on the crypto coin's market on September 14. The coin found the deepest trough (24H low) at $0.29 on September 15 and then exploded to the ceiling (24H high) at $0.3; the price range for that day was between $0.3 and $0.3. The price action on the asset's market during the period between September 9 and September 15 topped at $0.33, while the bottom of the price range was established at $0.29. Algorand shaped the $0.03 price range over the week of price action, which constituted the 8% gap between the weekly low and the weekly high.
The past 7 days were marked by a change in average daily trading volume from $71 081 085 on September 9 to $57 908 190 on September 15. During the week before September 9, the trading volume of ALGO flowed from $39 592 418 to $81 334 379. The 30% change in trading volume in the asset's market, compared to last week, supported the price movement that allowed the cryptocurrency to alter its value by 8%.
Bitcoin began the observed period September 9 - September 15, with the market capitalization of $2 120 475 571 and finalized it at the market capitalization level of $2 097 562 017. The rate of percentage change for the last week for ALGO was 1%. While the market capitalization of the coin was altered by 1%, its price has made a 8% change. During the week before the analyzed time frame, the market capitalization of Algorand moved by 2% as it went from $2 028 901 377 to $2 074 629 642, and gave a better understanding of the general direction in which this market is flowing.