The market crumbled last week (November 8 - November 14) as Celo lost 33%.
Celo has been bearish last week as its price has been predominantly falling. The volatility associated with the CELO market was medium, as were its price fluctuations. The asset saw its market capitalization falling over the reviewed period together with its price. There has been a decline in trading volume on the crypto coin's market in conjunction with the price movement.
The volatility has been suppressed, as the Celo price action suggests. We established that CELO didn't showcase any significant price action due to the market's mild average volatility of 19%. The highest point of the coin's volatility reached 23.3% in the analyzed time frame. The asset saw its volatility drop to the lowest level for the given period on November 12 as it shrank to 2.69%. The mild volatility during the period of review allowed the price of the crypto coin to remain stable and predictable.
Celo began the day on November 8 at $0.76, while the broad background was bearish. During the opening day on November 8, CELO has had a 18% move to the downside. On November 9, the price of the coin has shifted by 14% from the daily open on the back of a good trading volume. During the next trading day, the rate of change in the price of Celo stood at 4% having reached the low at $0.43 and the high at $0.52 as the advantage remained on the side of buyers. The trading volume on November 11 rendered support to the 6% bearish move of CELO. November 12 kicked off with Celo trading opening at $0.48 and then closing the session at $0.47, establishing the 24H low at $0.46 and 24H high at $0.49 in the process. On November 13, the crypto coin showcased the following price fluctuations: the trading session began at $0.46 and then traveled from the low of the day at $0.44 to the high of the day at $0.46, closing at $0.44. The coin found the deepest trough (24H low) at $0.41 on November 14 and then exploded to the ceiling (24H high) at $0.44; the price range for that day was between $0.44 and $0.42. $0.41 was the bottom of price action for the week, though the price went to the high extreme at $0.76 over the same time period. Celo bounced 33% between the low of the week and the peak price for the same time period, ultimately creating a price range of $0.2.
The trading activity on the Celo market over the past week - November 8 to November 14 - generated the average trading volume that went from $40 385 835 to $12 211 622. Over the week that came before the analyzed time span, the average trading volume of CELO ranged between $17 270 190 and $29 651 937. We can draw a parallel between the change in trading volume in the previous 7 days, which constituted 19%, and the 33% price shift.
The past week saw the market capitalization of Celo making a shift from $351 903 333 on November 8 to $204 338 242 on November 14, the peak for the analyzed period. The percentage change in the total market capitalization of CELO amounted to 42%. The 42% change in the coin's market capitalization affected the price rate that saw a 33% shift in the same time period. The comparison with the Celo market capitalization seen during the time period November 1 - November 7 that occurred before the observed one, which changed by 1%, from $349 162 769 to $344 063 012, allows us to get a clearer understanding of current market conditions.