The torpid Algorand had its price rise only by 5% last week (September 13 - September 19).
The analysis of last week’s price action shows that the Algorand market is in the phase since the price has been moving upward. ALGO has been going through a period of medium volatility, which fell in line with the occurred price changes. The price action of the coin has been accompanied by the decreased market capitalization of the said digital asset. The price action of the crypto coin from last week stemmed from the decreasing trading volume.
The price action of Algorand has been contained due to modest volatility. The market analysis reveals that the mild average volatility of 6% restrained ALGO 's price swings. The coin was the most volatile on September 13, when the range of its price fluctuations reached 7.12%. 0.27% was the rock bottom for the asset's volatility that was reached on September 17. The mild volatility during the period of review allowed the price of the crypto coin to remain stable and predictable.
Algorand began the day on September 13 at $0.32, while the broad background was neutral. The price of ALGO took a 7% down downswing at the open of the weekly trading period. On September 14 the coin market stayed neutral, with no changes in the price. During the next trading day, the rate of change in the price of Algorand stood at 2% having reached the low at $0.29 and the high at $0.3 as the advantage remained on the side of sellers. ALGO ’s performance during September 16 was the following: the price declined by 1% in conjunction with the acceptable trading volume. September 17 kicked off with Algorand trading opening at $0.3 and then closing the session at $0.31, establishing the 24H low at $0.3 and 24H high at $0.31 in the process. On September 18, the crypto coin showcased the following price fluctuations: the trading session began at $0.31 and then traveled from the low of the day at $0.3 to the high of the day at $0.32, closing at $0.3. September 19 presented us with the following price action data: the coin opened the period at $0.3 and went on to establish the low at $0.29 and the high of the day at $0.32 before closing the day at $0.31. $0.29 was the bottom of price action for the week, though the price went to the high extreme at $0.32 over the same time period. Algorand bounced 5% between the low of the week and the peak price for the same time period, ultimately creating a price range of $0.02.
The past 7 days were marked by a change in average daily trading volume from $80 871 968 on September 13 to $76 984 230 on September 19. We can draw the comparison with the period of 7 days that preceded the reviewed one when ALGO ’s trading volume varied from $48 156 542 to $99 922 801. The average trading volume of the asset fluctuated by 7% by comparison with the previous period, whereas the price change of 5% took place over the same period of time.
Algorand had its total market capitalization change from $2 229 860 375 on September 13 to $2 030 385 676 on September 19, the end of the examined time frame. 9% was the calculated percentage change for the ALGO market over the past week. As a consequence of the 9% fluctuation in its market capitalization, the price of the coin changed by 5%. Algorand ’s market capitalization from the week before changed by 7%, as the result of fluctuation between $2 102 875 130 and $2 229 860 375, to give a clearer vision of the current state of the market.