ECOMI analysis November 18 - November 24 : bears in all-out attack as the price collapses by 16%.
ECOMI has been bearish last week as its price has been predominantly falling. The situation on the OMI market shows that the underlying asset is currently experiencing a period of medium volatility. The price action on the coin's market translated to the decline of market capitalization. The trading volume on the crypto coin's market has been decreasing throughout the reviewed period along with its price.
The price action of ECOMI has been contained due to modest volatility. The market analysis reveals that the mild average volatility of 8% restrained OMI 's price swings. The coin was the most volatile on November 18, when the range of its price fluctuations reached 9.77%. The asset's volatility was at its lowest on November 22 when it dropped to 0.14%. The bulls and the bears appear to be remaining in deadlock as the average volatility of the crypto coin was no higher than 8%.
The bears were dictating the terms on the ECOMI market on November 18 - the trading session opened at $0.0009. The price of OMI took a 2% down downswing at the open of the weekly trading period. The market sentiment on November 19 stayed bearish as the coin obtained another 3%. On November 20, the market was moving to the downside as ECOMI went 2% down from the low at $0.00083 to the high at $0.00086. On November 22, OMI market moved by 10% in the bearish direction in concert with the trading volume. The price oscillation of ECOMI on November 22 was in the $0.0007 - $0.0007 range; at the same time, the price stretched out to reach the 24H low at $0.00073 and the 24H high at $0.00076. No changes were observed on the crypto coin's market on November 23. The coin's market saw no changes on November 24, as the market flatlined. The asset posted the weekly low at $0.0007, while the top of the weekly trading session was registered at $0.0009. As a result of price action within the designated time period, the price movement range on the ECOMI market was established at $0.0001 or 16% between the weekly low and the weekly high.
In the period November 18 - November 24, the trading volume of ECOMI went from $1 033 762 on the first day of the reviewed period to $1 030 863 on the closing day. During the week before November 18, the trading volume of OMI flowed from $961 946 to $4 918 425. The asset demonstrated an 40% change in trading volume, when compared against its performance in the past 7 days, while its price fluctuated by 16%.
The past week saw the market capitalization of ECOMI making a shift from $239 797 508 on November 18 to $197 639 681 on November 24, the peak for the analyzed period. The rate of percentage change for the last week for OMI was 18%. The 18% change in the coin's market capitalization affected the price rate that saw a 16% shift in the same time period. A better understanding of the lay of the land on the ECOMI market requires a comparison with the preceding week when the total market capitalization of ECOMI changed by 22% as it went from $314 472 490 to $239 797 508.