Bearish response: The Celo price melts by 3% between September 2 and September 8.
Celo has been bearish last week as its price has been predominantly falling. The price swings of CELO pointed to the presence of low volatility. The asset saw its market capitalization falling over the reviewed period together with its price. The past week’s price movement of the crypto coin was accompanied by the falling trading volume on the corresponding market.
The current state of affairs on the cryptocurrency market allows us to draw the conclusion that Celo is now going through the cycle of low volatility. The data derived from our credible sources shows that the average volatility of CELO didn't exceed 0.42%, which is indicative of weak price action. 2.45% was the maximum volatility that the coin managed to showcase on September 6. The quietest period on the asset's market was recorded on September 6, when the volatility dropped to the minimum at 0.42%. Since the current volatility of the crypto coin is low, we expect the price fluctuations of the digital asset at hand to be insignificant.
Celo began the day on September 2 at $0.85, while the broad background was bearish. There were no gains or losses to the CELO market on September 2, it remained flat. The market sentiment on September 3 stayed as the coin obtained another 1%. The bulls dominated the price action during the following trading period as the price drifted 1% to the upside, having established the low for the reviewed time frame at $0.82, while the high was recorded at $0.84. The trading volume on September 5 rendered support to the 2% bearish move of CELO. September 6 kicked off with Celo trading opening at $0.82 and then closing the session at $0.8, establishing the 24H low at $0.8 and 24H high at $0.87 in the process. The crypto coin opened the trading session on September 7 at $0.8 and finalized it at $0.81; the highest point of price action was at $0.81, the lowest was detected at $0.77. Between the 24H high at $0.82 and the 24H low at $0.8, the coin was traded in the $0.8 - $0.82 price corridor. During the reviewed time period, the asset was able to achieve the weekly high at $0.87, though at a certain point, the bear pressurized the price down to the weekly low at $0.77. The price action on the weekly time frame made Celo within the 3% range from its weekly low to the weekly high, while the oscillation amplitude between these price points amounted to $0.03.
In the period September 2 - September 8, the trading volume of Celo went from $15 530 912 on the first day of the reviewed period to $13 304 838 on the closing day. Over the week that came before the analyzed time span, the average trading volume of CELO ranged between $6 929 636 and $17 561 090. Percentage-wise, the trading volume of the asset changed by 0%, in comparison to the previous period, while its price experienced a 3% adjustment.
Bitcoin began the observed period September 2 - September 8, with the market capitalization of $393 987 469 and finalized it at the market capitalization level of $376 878 199. When translated to percentage rate, the market capitalization of CELO over the past week adjusted by 4%. While the market capitalization of the coin was altered by 4%, its price has made a 3% change. A better understanding of the lay of the land on the Celo market requires a comparison with the preceding week when the total market capitalization of Celo changed by 9% as it went from $415 675 039 to $393 987 469.