ECOMI sees limited 5% gains between November 2 and November 8 as the market cools down.
The upward movement of the ECOMI price last week indicates the chosen market is bullish. OMI 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 increased market capitalization of the said digital asset. The price action of the crypto coin last week took place on the back of increased trading volume.
While the volatility remains restrained, ECOMI isn't making any explosive moves. We established that OMI didn't showcase any significant price action due to the market's mild average volatility of 17%. The largest volatility for the given period occurred on November 2 and amounted to 19.91%. 0.9% was the rock bottom for the asset's volatility that was reached on November 6. Since the volatility of 17% can be deemed as mild, the crypto coin's market can be characterised as composed.
On November 2, the ECOMI market opened at $0.001, preceded by a period of bullish action. The price of OMI took a 2% up upswing at the open of the weekly trading period. The price action of the coin remained bullish on November 3 as the bulls pushed the price up by 3%. The bulls dominated the price action during the following trading period as the price drifted 20% to the upside, having established the low for the reviewed time frame at $0.0015, while the high was recorded at $0.0019. The trading volume on November 5 rendered support to the 10% bearish move of OMI. The price oscillation of ECOMI on November 6 was in the $0.002 - $0.002 range; at the same time, the price stretched out to reach the 24H low at $0.00163 and the 24H high at $0.00169. The activity on the crypto coin's market on November 7 resulted in the asset being traded between $0.002, the open of the day, and $0.002, the close of the day; at some point, the price spiked to the daily high at $0.0017 and briefly dropped to the daily low at $0.0016. Most trading activity on November 8 occurred in the space between $0.002 and $0.002; during this time span, the immediate selling pressure forced the coin to drop to the 24H low at $0.0015, though the bulls had also staged the rally to the 24H high at $0.0017. The asset posted the weekly low at $0.0014, while the top of the weekly trading session was registered at $0.0019. ECOMI bounced 5% between the low of the week and the peak price for the same time period, ultimately creating a price range of $0.00007.
As for the average trading volume in the time slot between November 2 and November 8, the ECOMI market registered the change from $614 459 to $1 319 533. To understand a bigger picture, we need to match the numbers from last week with the week before that, when the OMI market had its volume ranging between $440 117 and $1 971 749. The average trading volume of the asset fluctuated by 68% by comparison with the previous period, whereas the price change of 5% took place over the same period of time.
ECOMI had its total market capitalization change from $390 334 629 on November 2 to $454 908 749 on November 8, the end of the examined time frame. 17% was the calculated percentage change for the OMI market over the past week. While the market capitalization of the coin was altered by 17%, its price has made a 5% change. 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 $344 084 977 on October 26 and $391 069 227 on November 1, which translates to a 14% change.