Market analysis September 8 - September 14 : Compound posts a 11% rally.
Compound has been last week as its price has been predominantly rising. The volatility associated with the COMP market was medium, as were its price fluctuations. Last week’s market conditions reflected on the market capitalization of the asset, which was rising. The crypto coin's market experienced a growing trading volume during the observed time period, which fell in line with the price action.
The situation on the Compound market allows us to characterise its volatility as mild. Our comprehensive data indicates that the price change of COMP 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 September 8 and amounted to 5.91%. The asset's volatility was at its lowest on September 12 when it dropped to 0.11%. 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.
The opening price of Compound was at $47.24 on September 8, with having a more visible presence on the market. COMP made a 3% step in an upward direction during the first daily trading session that took place on September 8. The 5% move in the upward direction took place on the second day after the weekly open. During the following trading period on September 10, the price of Compound oscillated between the low at $51.75 and the high at $53.99, while the price moved up by 3%. Over the next trading period (on September 11), COMP was moving up by 6% on the back of a congruous trading volume. The developments on the Compound market on September 12 started with the price opening at $56.3 and subsequently moving to $54.3, the close of the day, while dropping to the 24H low at $53.7 and spiking to the 24H high at $53.7. While the 24H high and low on September 13 were at $56.97 and $52.06, respectively, the crypto coin had been traded in the area between the open at $54.79 and the close at $53.99. Most trading activity on September 14 occurred in the space between $54.97 and $53.93; during this time span, the immediate selling pressure forced the coin to drop to the 24H low at $52.25, though the bulls had also staged the rally to the 24H high at $55.59. The asset posted the weekly low at $47.24, while the top of the weekly trading session was registered at $57. Traders saw Compound covering the $5.13 distance between the weekly low and the weekly high, which constituted for a 11% move.
Over the period of the last 7 days, September 8 to September 14, Compound saw its average trading volume fluctuate between $28 886 776 and $53 916 683. A more comprehensive analysis of COMP price action requires the comparison of the trading volume between September 8 and September 14 with that from the preceding week that demonstrated how the trading volume fluctuated between $19 005 798 and $71 956 734. We can draw a parallel between the change in trading volume in the previous 7 days, which constituted 5%, and the 11% price shift.
The past week saw the market capitalization of Compound making a shift from $335 034 350 on September 8 to $373 215 557 on September 14, the peak for the analyzed period. 11% was the calculated percentage change for the COMP market over the past week. When compared to the price fluctuations during the observed period of time, the 11% market capitalization movement was accompanied by a 11% change in the price of the coin. During the week before the analyzed time frame, the market capitalization of Compound moved by 3% as it went from $317 806 108 to $307 794 445, and gave a better understanding of the general direction in which this market is flowing.