August 31 - September 6 market wrap: Gelato had a slight 3% drop.
The downward movement of the Gelato price last week indicates the chosen market is. The price swings of GEL pointed to the presence of medium volatility. There has been a rise in the market capitalization of the asset during the period under review. The price action of the crypto coin last week took place on the back of increased trading volume.
The situation on the Gelato market allows us to characterise its volatility as mild. The market analysis reveals that the mild average volatility of 6% restrained GEL 's price swings. The coin was the most volatile on August 31, when the range of its price fluctuations reached 7.41%. The asset's volatility was at its lowest on September 4 when it dropped to 0.46%. The mild volatility during the period of review allowed the price of the crypto coin to remain stable and predictable.
GEL made a 2% step in an upward direction during the first daily trading session that took place on August 31. The 1% move in the upward direction took place on the second day after the weekly open. On September 2, the market was moving to the upside as Gelato went 2% up from the low at $0.4 to the high at $0.41. The trading volume on September 3 rendered support to the 7% bearish move of GEL. The developments on the Gelato market on September 4 started with the price opening at $0.37 and subsequently moving to $0.39, the close of the day, while dropping to the 24H low at $0.37 and spiking to the 24H high at $0.37. No changes were observed on the crypto coin's market on September 5. The coin found the deepest trough (24H low) at $0.39 on September 6 and then exploded to the ceiling (24H high) at $0.41; the price range for that day was between $0.39 and $0.39. Over the course of all trading sessions, the asset established the weekly low at $0.37 while buyers managed to push the price up to the weekly high at $0.41. As a result of price action within the designated time period, the price movement range on the Gelato market was established at $0.01 or 3% between the weekly low and the weekly high.
Over the period of the last 7 days, August 31 to September 6, Gelato saw its average trading volume fluctuate between $268 466 and $179 031. During the week before August 31, the trading volume of GEL flowed from $234 394 to $301 470. We can draw a parallel between the change in trading volume in the previous 7 days, which constituted 26%, and the 3% price shift.
Gelato had its total market capitalization change from $6 704 557 on August 31 to $6 763 026 on September 6, the end of the examined time frame. Percentage-wise, the market capitalization of GEL has shifted by 1% in the past week. The said 1% percentage change in market capitalization of the coin was accompanied by the 3% fluctuation in the price of the underlying asset. Gelato ’s market capitalization from the week before changed by 8%, as the result of fluctuation between $7 350 252 and $6 704 557, to give a clearer vision of the current state of the market.