Restrained price action on September 8 to September 14 as Baby Doge Coin moves up by only 1%.
The bearish behavior of Baby Doge Coin last week was characterized by the occurrence of upswings. BABYDOGE was caught in a period of medium volatility, which was reflected in its price action. The asset saw its market capitalization falling over the reviewed period together with its price. The price action of the crypto coin from last week stemmed from the decreasing trading volume.
The situation on the Baby Doge Coin market allows us to characterise its volatility as mild. Given that the average volatility on the BABYDOGE market didn't exceed 5%, the price action remained limited. The highest point of the coin's volatility reached 7.45% in the analyzed time frame. The asset has been the least volatile on September 12; at this time, the volatility stood at 1.35%. The mild volatility during the period of review allowed the price of the crypto coin to remain stable and predictable.
The opening price of Baby Doge Coin was at $0.000000001 on September 8, with sellers having a more visible presence on the market. On September 8, the first trading session of the reviewed time period, the market participants saw BABYDOGE moving down by 1%. The market sentiment on September 9 stayed bullish as the coin obtained another 8%. The price range of Baby Doge Coin formed between $0.0000000012 and $0.00000000128 on September 10 as the price traveled 2% up. Over the next trading period (on September 11), BABYDOGE was moving up by 1% on the back of a congruous trading volume. The developments on the Baby Doge Coin market on September 12 started with the price opening at $0.000000001 and subsequently moving to $0.000000001, the close of the day, while dropping to the 24H low at $0.00000000125 and spiking to the 24H high at $0.00000000125. While the 24H high and low on September 13 were at $0.0000000013 and $0.0000000012, respectively, the crypto coin had been traded in the area between the open at $0.000000001 and the close at $0.000000001. Most trading activity on September 14 occurred in the space between $0.000000001 and $0.000000001; during this time span, the immediate selling pressure forced the coin to drop to the 24H low at $0.00000000115, though the bulls had also staged the rally to the 24H high at $0.00000000119. During the reviewed time period, the asset was able to achieve the weekly high at $0.0000000013, though at a certain point, the bear pressurized the price down to the weekly low at $0.0000000012. The difference between the lowest and the highest price points for the week was 1%, as the price moved in the $0.000000000008 wide corridor.
Baby Doge Coin ’s average trading volume on the opening day of the observed time period, September 8, stood at $4 925 366, while on the closing day of the same period, it moved to $4 563 685. A more comprehensive analysis of BABYDOGE price action requires the comparison of the trading volume between September 8 and September 14 with that from the preceding week that demonstrated how the trading volume fluctuated between $3 412 625 and $4 595 897. The 27% 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 1%.
The total capitalization of Bitcoin at the start of the analyzed time period (September 8) amounted to $190 611 304; by the end of that period (September 14), the capitalization went to $188 343 859. The percentage change in the total market capitalization of BABYDOGE amounted to 1%. The price of the coin changed by 1% on the back of the 1% shift in its total market capitalization. In the preceding week, September 1 - September 7, the market capitalization of Baby Doge Coin got a 3% adjustment ($191 637 582 to $185 392 820) in comparison to a 1% change last week; this allows getting a deeper insight into the market structure.