A 6% price increase last week (September 4 - September 10) confirms the bullishness of Celo.
The analysis of last week’s price action shows that the Celo market is in the phase since the price has been moving upward. The price swings of CELO pointed to the presence of medium volatility. The market capitalization of the asset has been increasing in concert with the price of the coin. The price action of the crypto coin last week took place on the back of increased trading volume.
The situation on the Celo market allows us to characterise its volatility as mild. We established that CELO didn't showcase any significant price action due to the market's mild average volatility of 6%. The most significant volatility occurred on September 4 and reached 7.13%. The asset has been the least volatile on September 8; at this time, the volatility stood at 0.42%. The mild volatility registered on the crypto coin's market over the said period allows us to expect moderate price movements in both directions without significant breakouts.
During the opening day on September 4, CELO has had a 1% move to the upside. The 2% move in the downward direction took place on the second day after the weekly open. The price range of Celo formed between $0.8 and $0.87 on September 6 as the price traveled 2% down. The next trading session was characterized by more price action (as CELO made a 1% move) on the back of the consistent trading volume. The developments on the Celo market on September 8 started with the price opening at $0.8 and subsequently moving to $0.82, the close of the day, while dropping to the 24H low at $0.8 and spiking to the 24H high at $0.8. The activity on the crypto coin's market on September 9 resulted in the asset being traded between $0.82, the open of the day, and $0.87, the close of the day; at some point, the price spiked to the daily high at $0.89 and briefly dropped to the daily low at $0.82. The coin's market saw no changes on September 10, as the market flatlined. $0.77 was the bottom of price action for the week, though the price went to the high extreme at $0.91 over the same time period. As a result of price action within the designated time period, the price movement range on the Celo market was established at $0.05 or 6% between the weekly low and the weekly high.
Celo ’s average trading volume on the opening day of the observed time period, September 4, stood at $5 995 815, while on the closing day of the same period, it moved to $17 104 275. In order to have a better grasp of the CELO market, it’s necessary to compare the stats from the analyzed period with those from the week before, when the trading volume had gone from $6 929 636 to $15 530 912. The asset demonstrated an 6% change in trading volume, when compared against its performance in the past 7 days, while its price fluctuated by 6%.
The change in the total market capitalization of Celo from September 4 to September 10 was as follows: on September 4, the capitalization was at $379 907 963, while on September 10, it reached the level of $410 264 095. When translated to percentage rate, the market capitalization of CELO over the past week adjusted by 8%. When compared to the price fluctuations during the observed period of time, the 8% market capitalization movement was accompanied by a 6% change in the price of the coin. The comparison with the Celo market capitalization seen during the time period August 28 - September 3 that occurred before the observed one, which changed by 3%, from $375 508 703 to $385 352 582, allows us to get a clearer understanding of current market conditions.