Coins
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Celo
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2022-08-30

The bears had a field day between August 24 and August 30 as Celo got knocked down by 13%.

The bearish behavior of Celo last week was characterized by the occurrence of downswings. CELO 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 past week’s price movement of the crypto coin was accompanied by the falling trading volume on the corresponding market.

The price action of Celo has been contained due to modest volatility. We established that CELO didn't showcase any significant price action due to the market's mild average volatility of 5%. The volatility of the coin reached its highest point at 6.98% during the observed period. The asset has been the least volatile on August 28; at this time, the volatility stood at 0.87%. The bulls and the bears appear to be remaining in deadlock as the average volatility of the crypto coin was no higher than 5%.

CELO made a 1% step in an upward direction during the first daily trading session that took place on August 24. On August 25, the price of the coin has shifted by 2% from the daily open on the back of a good trading volume. The bears dominated the price action during the following trading period as the price drifted 8% to the downside, having established the low for the reviewed time frame at $0.84, while the high was recorded at $0.91. The next trading session was characterized by more price action (as CELO made a 3% move) on the back of the consistent trading volume. Celo finalized the trading day of August 28 at $0.82 after opening it at $0.82, though the price broke through that corridor to hit the 24H high at $0.82 and the 24H low at $0.81. No changes were observed on the crypto coin's market on August 29. The coin found the deepest trough (24H low) at $0.79 on August 30 and then exploded to the ceiling (24H high) at $0.84; the price range for that day was between $0.81 and $0.8. The highest point of the price action over the week was at $0.92 - the weekly low during the same period was established at $0.78. As a result of price action within the designated time period, the price movement range on the Celo market was established at $0.12 or 13% between the weekly low and the weekly high.

Over the period of the last 7 days, August 24 to August 30, Celo saw its average trading volume fluctuate between $11 888 106 and $10 574 803. We can draw the comparison with the period of 7 days that preceded the reviewed one when CELO ’s trading volume varied from $14 173 903 to $24 523 395. The 35% 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 13%.

The total capitalization of Bitcoin at the start of the analyzed time period (August 24) amounted to $415 071 321; by the end of that period (August 30), the capitalization went to $378 099 020. When translated to percentage rate, the market capitalization of CELO over the past week adjusted by 9%. The price of the coin changed by 13% on the back of the 9% shift in its total market capitalization. In the preceding week, August 17 - August 23, the market capitalization of Celo got a 15% adjustment ($482 492 521 to $409 652 261) in comparison to a 9% change last week; this allows getting a deeper insight into the market structure.

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Article date: August 30 | August 24 - 30

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