ECOMI analysis November 6 - November 12 : bears in all-out attack as the price collapses by 37%.
The bearish behavior of ECOMI last week was characterized by the occurrence of downswings. The volatility of OMI has been high throughout the reviewed period in correspondence with the price action. The price action of the coin has been accompanied by the decreased market capitalization of the said digital asset. The crypto coin's market experienced a falling trading volume during the observed time period, which fell in line with the price action.
The volatility of ECOMI was at 29.07% on average, which caused noticeable price fluctuations. The highest volatility was recorded on November 6 - it amounted to 29.07%. The coin saw its volatility drop to a minimum at 0.9% on November 12. The increased volatility of 29.07% on the OMI market suggests large price swings in either direction, which is indicative of market instability.
OMI made a 1% step in an upward direction during the first daily trading session that took place on November 6. On November 7, the price of the coin has shifted by 3% from the daily open on the back of a good trading volume. The bears dominated the price action during the following trading period as the price drifted 8% to the downside, having established the low for the reviewed time frame at $0.0015, while the high was recorded at $0.0017. The next trading session was characterized by more price action (as OMI made a 26% move) on the back of the consistent trading volume. The developments on the ECOMI market on November 10 started with the price opening at $0.001 and subsequently moving to $0.001, the close of the day, while dropping to the 24H low at $0.0009 and spiking to the 24H high at $0.0009. The activity on the crypto coin's market on November 11 resulted in the asset being traded between $0.001, the open of the day, and $0.001, the close of the day; at some point, the price spiked to the daily high at $0.0012 and briefly dropped to the daily low at $0.0011. The coin found the deepest trough (24H low) at $0.001 on November 12 and then exploded to the ceiling (24H high) at $0.0011; the price range for that day was between $0.001 and $0.001. Over the course of all trading sessions, the asset established the weekly low at $0.0009 while buyers managed to push the price up to the weekly high at $0.002. ECOMI bounced 37% between the low of the week and the peak price for the same time period, ultimately creating a price range of $0.0006.
Over the period of the last 7 days, November 6 to November 12, ECOMI saw its average trading volume fluctuate between $2 406 307 and $1 393 459. A more comprehensive analysis of OMI price action requires the comparison of the trading volume between November 6 and November 12 with that from the preceding week that demonstrated how the trading volume fluctuated between $614 459 and $2 252 609. We can draw a parallel between the change in trading volume in the previous 7 days, which constituted 128%, and the 37% price shift.
The past week saw the market capitalization of ECOMI making a shift from $444 979 448 on November 6 to $291 857 026 on November 12, the peak for the analyzed period. The percentage change in the total market capitalization of OMI amounted to 34%. While the market capitalization of the coin was altered by 34%, its price has made a 37% 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 $390 098 542 on October 30 and $482 353 221 on November 5, which translates to a 24% change.