The bleeding market: dYdX loses 8% between November 18 and November 24 as the selling pressure grows.

dYdX has been last week as its price has been predominantly falling. DYDX has been going through a period of medium volatility, which fell in line with the occurred price changes. The price action of the coin has been accompanied by the decreased market capitalization of the said digital asset. The price action of the crypto coin from last week stemmed from the decreasing trading volume.

dYdX has been moving reservedly on the backdrop of average volatility. During the reviewed period, the volatility of DYDX was in the middle register, averaging at 10%. The largest volatility for the given period occurred on November 18 and amounted to 11.43%. The price of the asset had fluctuated the least on November 22, when the volatility plummeted to 1.12%. The mild volatility during the period of review allowed the price of the crypto coin to remain stable and predictable.

The were dictating the terms on the dYdX market on November 18 - the trading session opened at $2.13. The losses of DYDX after the weekly open on November 18 amounted to 3%. November 19 saw the coin going another 2% since the open, supported by the corresponding trading volume. On November 20, the market was moving to the downside as dYdX went 10% down from the low at $1.89 to the high at $2.15. The next trading session was characterized by more price action (as DYDX made a 7% move) on the back of the consistent trading volume. The price oscillation of dYdX on November 22 was in the $1.78 - $1.75 range; at the same time, the price stretched out to reach the 24H low at $1.73 and the 24H high at $1.92. The price action on November 23 saw the crypto coin moving along the following route: starting point at $1.73 and closing point at $1.95, while it also deviated to establish the high of the day at $2.01 and the low of the day at $1.73. Most trading activity on November 24 occurred in the space between $1.98 and $1.9; during this time span, the immediate selling pressure forced the coin to drop to the 24H low at $1.9, though the bulls had also staged the rally to the 24H high at $2.03. Over the course of all trading sessions, the asset established the weekly low at $1.73 while buyers managed to push the price up to the weekly high at $2.21. As a result of price action within the designated time period, the price movement range on the dYdX market was established at $0.16 or 8% between the weekly low and the weekly high.

The trading activity on the dYdX market over the past week - November 18 to November 24 - generated the average trading volume that went from $189 620 291 to $185 421 096. To understand a bigger picture, we need to match the numbers from last week with the week before that, when the DYDX market had its volume ranging between $217 692 006 and $528 014 541. The average trading volume of the asset fluctuated by 56% by comparison with the previous period, whereas the price change of 8% took place over the same period of time.

The total capitalization of Bitcoin at the start of the analyzed time period (November 18) amounted to $288 950 070; by the end of that period (November 24), the capitalization went to $271 684 269. When translated to percentage rate, the market capitalization of DYDX over the past week adjusted by 6%. While the market capitalization of the coin was altered by 6%, its price has made a 8% change. dYdX ’s market capitalization from the week before changed by 35%, as the result of fluctuation between $233 934 082 and $288 950 070, to give a clearer vision of the current state of the market.

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Article date: November 24 | November 18 - 24

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