Slightly bearish : traders witnessed Algorand moving down 5% from September 11 till September 17.
The behavior of Algorand last week was characterized by the occurrence of downswings. ALGO was caught in a period of medium volatility, which was reflected in its price action. The market capitalization of the asset has been decreasing in concert with the price of the coin. The crypto coin's market experienced a falling trading volume during the observed time period, which fell in line with the price action.
Algorand has been moving reservedly on the backdrop of average volatility. Given that the average volatility on the ALGO market didn't exceed 6%, the price action remained limited. The most significant volatility occurred on September 11 and reached 7.12%. The asset saw its volatility drop to the lowest level for the given period on September 15 as it shrank to 0.27%. Due to the fact that the crypto coin has been modestly volatile, the market is unlikely to demonstrate any aggressive price swings.
The were dictating the terms on the Algorand market on September 11 - the trading session opened at $0.32. The gains of ALGO after the weekly open on September 11 amounted to 1%. The 1% move in the downward direction took place on the second day after the weekly open. The bears dominated the price action during the following trading period as the price drifted 7% to the downside, having established the low for the reviewed time frame at $0.3, while the high was recorded at $0.32. On September 14, the value of ALGO was in the range, with the market remaining flat. Algorand finalized the trading day of September 15 at $0.3 after opening it at $0.3, though the price broke through that corridor to hit the 24H high at $0.3 and the 24H low at $0.29. While the 24H high and low on September 16 were at $0.3 and $0.29, respectively, the crypto coin had been traded in the area between the open at $0.3 and the close at $0.29. On the last day of the reviewed period, the coin was locked between $0.3 and $0.31, though the price managed to puncture these levels to reach the 24H high at $0.31 and the 24H low at $0.3. The highest point of the price action over the week was at $0.33 - the weekly low during the same period was established at $0.29. The difference between the lowest and the highest price points for the week was 5%, as the price moved in the $0.02 wide corridor.
The past 7 days were marked by a change in average daily trading volume from $70 510 409 on September 11 to $60 457 176 on September 17. 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 $99 922 801. We can draw a parallel between the change in trading volume in the previous 7 days, which constituted 3%, and the 5% price shift.
The total market capitalization of Algorand during the past 7-day oscillated between $2 232 075 733, the starting point that was established on September 11, and $2 060 443 451 on September 17, the end date of the reviewed period. Percentage-wise, the market capitalization of ALGO has shifted by 8% in the past week. The price of the coin changed by 5% on the back of the 8% shift in its total market capitalization. In the preceding week, September 4 - September 10, the market capitalization of Algorand got a 7% adjustment ($2 094 250 333 to $2 235 731 230) in comparison to a 8% change last week; this allows getting a deeper insight into the market structure.