The bulls muster more strength as Algorand rises by 14% from September 15 to September 21.

The bullish behavior of Algorand last week was characterized by the occurrence of upswings. ALGO was caught in a period of low volatility, which was reflected in its price action. The market capitalization of the asset has been increasing in concert with the price of the coin. The trading volume on the crypto coin's market has been increasing throughout the reviewed period along with its price.

The analysis of events on the Algorand market shows that the cryptocurrency under review is experiencing a period of low volatility. Our data shows that the average volatility of ALGO didn't exceed 0.27%, which is why its price remained constrained. In the period between September 15 and September 21, the volatility of the coin peaked at 0.27%. On September 20, the asset didn't make any noticeable price movements as its volatility dropped to the lowest level at 0.27%. The crypto coin's low volatility of 0.27% points to the weakness of all market participants.

While the overall situation on the Algorand market was bullish, the trading session on September 15 kicked off at the $0.3 price level. On September 15, the first trading session of the reviewed time period, the market participants saw ALGO moving down by 2%. The market sentiment on September 16 stayed bearish as the coin obtained another 1%. On September 17, the market was moving to the upside as Algorand went 5% up from the low at $0.3 to the high at $0.31. The ALGO market was down as the price shifted by 2% on September 18, against the backdrop of the sufficient trading volume. September 19 kicked off with Algorand trading opening at $0.3 and then closing the session at $0.31, establishing the 24H low at $0.29 and 24H high at $0.32 in the process. On September 20, the crypto coin showcased the following price fluctuations: the trading session began at $0.32 and then traveled from the low of the day at $0.32 to the high of the day at $0.35, closing at $0.33. The coin found the deepest trough (24H low) at $0.32 on September 21 and then exploded to the ceiling (24H high) at $0.34; the price range for that day was between $0.33 and $0.34. $0.29 was the bottom of price action for the week, though the price went to the high extreme at $0.35 over the same time period. Traders saw Algorand covering the $0.04 distance between the weekly low and the weekly high, which constituted for a 14% move.

Over the period of the last 7 days, September 15 to September 21, Algorand saw its average trading volume fluctuate between $57 908 190 and $293 178 721. A more comprehensive analysis of ALGO price action requires the comparison of the trading volume between September 15 and September 21 with that from the preceding week that demonstrated how the trading volume fluctuated between $70 510 409 and $100 442 911. We can draw a parallel between the change in trading volume in the previous 7 days, which constituted 42%, and the 14% price shift.

Algorand had its total market capitalization change from $2 097 562 017 on September 15 to $2 291 440 374 on September 21, the end of the examined time frame. 9% was the calculated percentage change for the ALGO market over the past week. The price of the coin changed by 14% on the back of the 9% shift in its total market capitalization. In order to get a better grasp of the current state of affairs on the market, it’s important to draw the comparison between the reviewed period and the preceding seven days when the market capitalization ranged between $2 074 629 642 on September 8 and $2 055 154 354 on September 14, which translates to a 1% change.

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Article date: September 21 | September 15 - 21

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