Celo slid down by 3% last week (November 12 - November 18) as the sellers pushed back.
The downward movement of the Celo price last week indicates the chosen market is bearish. The volatility of CELO has been medium throughout the reviewed period in correspondence with the price action. There has been a fall in the market capitalization of the asset during the period under review. The price action of the crypto coin from last week stemmed from the decreasing trading volume.
The unfolding situation in the Celo market suggests that the reviewed digital asset is in the stage of mild volatility. Our comprehensive data indicates that the price change of CELO has been moderate on the back of the average volatility of 5% for the given time period. The largest volatility for the given period occurred on November 12 and amounted to 6.21%. The price of the asset had fluctuated the least on November 16, when the volatility plummeted to 0.6%. The mild volatility during the period of review allowed the price of the crypto coin to remain stable and predictable.
On November 12, the Celo market opened at $0.48, preceded by a period of bearish action. On November 12, the first trading session of the reviewed time period, the market participants saw CELO moving down by 2%. November 13 saw the coin going another 5% since the open, supported by the corresponding trading volume. During the next trading day, the rate of change in the price of Celo stood at 6% having reached the low at $0.41 and the high at $0.44 as the advantage remained on the side of sellers. The next trading session was characterized by more price action (as CELO made a 3% move) on the back of the consistent trading volume. November 16 kicked off with Celo trading opening at $0.43 and then closing the session at $0.43, establishing the 24H low at $0.42 and 24H high at $0.44 in the process. The crypto coin opened the trading session on November 17 at $0.43 and finalized it at $0.45; the highest point of price action was at $0.45, the lowest was detected at $0.43. Most trading activity on November 18 occurred in the space between $0.44 and $0.45; during this time span, the immediate selling pressure forced the coin to drop to the 24H low at $0.44, though the bulls had also staged the rally to the 24H high at $0.46. During the reviewed time period, the asset was able to achieve the weekly high at $0.49, though at a certain point, the bear pressurized the price down to the weekly low at $0.41. 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 $0.01.
The trading activity on the Celo market over the past week - November 12 to November 18 - generated the average trading volume that went from $17 228 855 to $11 059 099. To understand a bigger picture, we need to match the numbers from last week with the week before that, when the CELO market had its volume ranging between $19 941 893 and $50 840 071. We can draw a parallel between the change in trading volume in the previous 7 days, which constituted 58%, and the 3% price shift.
The total market capitalization of Celo during the past 7-day oscillated between $232 599 229, the starting point that was established on November 12, and $210 838 746 on November 18, the end date of the reviewed period. Percentage-wise, the market capitalization of CELO has shifted by 9% in the past week. When compared to the price fluctuations during the observed period of time, the 9% market capitalization movement was accompanied by a 3% change in the price of the coin. In order to get a better grasp of the current state of affairs on the market, it’s important to draw the comparison between the reviewed period and the preceding seven days when the market capitalization ranged between $361 643 983 on November 5 and $246 953 840 on November 11, which translates to a 32% change.