September 10 - September 16 price action review: Algorand goes down by 8%.
The downward movement of the Algorand price last week indicates the chosen market is. ALGO has been going through a period of medium volatility, which fell in line with the occurred price changes. There has been a fall in the market capitalization of the asset during the period under review. The price action of the crypto coin from last week stemmed from the decreasing trading volume.
The volatility has been suppressed, as the Algorand price action suggests. Our comprehensive data indicates that the price change of ALGO has been moderate on the back of the average volatility of 6% for the given time period. The volatility of the coin reached its highest point at 7.12% during the observed period. On September 14, the volatility of the asset was at its minimum at 0.27%. The mild volatility during the period of review allowed the price of the crypto coin to remain stable and predictable.
During the opening day on September 10, ALGO has had a 1% move to the downside. The market sentiment on September 11 stayed bullish as the coin obtained another 1%. During the following trading period on September 12, the price of Algorand oscillated between the low at $0.32 and the high at $0.33, while the price moved down by 1%. The ALGO market was down as the price shifted by 7% on September 13, against the backdrop of the sufficient trading volume. On September 14, Algorand finished the trading day with no changes to the flatlined market. The price action on September 15 saw the crypto coin moving along the following route: starting point at $0.3 and closing point at $0.3, while it also deviated to establish the high of the day at $0.3 and the low of the day at $0.29. Between the 24H high at $0.3 and the 24H low at $0.29, the coin was traded in the $0.3 - $0.29 price corridor. $0.29 was the bottom of price action for the week, though the price went to the high extreme at $0.33 over the same time period. 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.
As for the average trading volume in the time slot between September 10 and September 16, the Algorand market registered the change from $99 922 801 to $65 888 993. In order to have a better grasp of the ALGO market, it’s necessary to compare the stats from the analyzed period with those from the week before, when the trading volume had gone from $39 592 418 to $81 334 379. The 20% 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%.
The total market capitalization of Algorand during the past 7-day oscillated between $2 235 731 230, the starting point that was established on September 10, and $2 041 921 778 on September 16, the end date of the reviewed period. ALGO experienced a 9% change in total market capitalization throughout the past seven days. The price of the coin changed by 8% on the back of the 9% shift in its total market capitalization. In the preceding week, September 3 - September 9, the market capitalization of Algorand got a 2% adjustment ($2 082 910 880 to $2 120 475 571) in comparison to a 9% change last week; this allows getting a deeper insight into the market structure.