The capitulation of November 7 - November 13 : Celo experienced a 42% dive.
The analysis of last week’s price action shows that the Celo market is in the bearish phase since the price has been moving downward. The price swings of CELO pointed to the presence of high volatility. There has been a fall in the market capitalization of the asset during the period under review. There has been a decline in trading volume on the crypto coin's market in conjunction with the price movement.
During the reported period, Celo has been swinging for the fences, which resulted in an average volatility of 23.3% for the given period. The largest volatility percentage during the given time span was 23.3% - it occurred on November 7. The lowest volatility for the given period was spotted on November 13 and reached 2.12%. The present volatility of 23.3% is indicative of unstable market conditions.
On November 7, the first trading session of the reviewed time period, the market participants saw CELO moving up by 2%. On November 8, the price of the coin has shifted by 18% 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 14% to the downside, having established the low for the reviewed time frame at $0.48, while the high was recorded at $0.58. On November 11, CELO market moved by 4% in the bullish direction in concert with the trading volume. November 11 kicked off with Celo trading opening at $0.51 and then closing the session at $0.48, establishing the 24H low at $0.48 and 24H high at $0.53 in the process. On November 12, the crypto coin showcased the following price fluctuations: the trading session began at $0.48 and then traveled from the low of the day at $0.46 to the high of the day at $0.49, closing at $0.47. The coin found the deepest trough (24H low) at $0.44 on November 13 and then exploded to the ceiling (24H high) at $0.46; the price range for that day was between $0.46 and $0.44. $0.43 was the bottom of price action for the week, though the price went to the high extreme at $0.77 over the same time period. The price action on the weekly time frame made Celo within the 42% range from its weekly low to the weekly high, while the oscillation amplitude between these price points amounted to $0.32.
As for the average trading volume in the time slot between November 7 and November 13, the Celo market registered the change from $19 941 893 to $11 022 572. During the week before November 7, the trading volume of CELO flowed from $13 352 424 to $29 651 937. The 29% 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 42%.
The total capitalization of Bitcoin at the start of the analyzed time period (November 7) amounted to $344 063 012; by the end of that period (November 13), the capitalization went to $213 262 293. The percentage change in the total market capitalization of CELO amounted to 38%. The 38% change in the coin's market capitalization affected the price rate that saw a 42% shift in the same time period. A more precise analysis of the Celo market also requires a comparison with the change in market capitalization from the week before, which amounted to 8% on the back of the move from $332 697 614 to $358 756 097.