Gelato analysis September 9 - September 15 : bears in all-out attack as the price collapses by 27%.
The analysis of last week’s price action shows that the Gelato market is in the bearish phase since the price has been moving downward. GEL has been going through a period of medium volatility, which fell in line with the occurred price changes. The price action on the coin's market translated to the decline of market capitalization. The past week’s price movement of the crypto coin was accompanied by the falling trading volume on the corresponding market.
The volatility has been suppressed, as the Gelato price action suggests. The market analysis reveals that the mild average volatility of 17% restrained GEL 's price swings. The most significant volatility occurred on September 9 and reached 18.57%. The asset saw its volatility drop to the lowest level for the given period on September 13 as it shrank to 0.28%. Due to the fact that the crypto coin has been modestly volatile, the market is unlikely to demonstrate any aggressive price swings.
While the overall situation on the Gelato market was bearish, the trading session on September 9 kicked off at the $0.24 price level. On September 9, the first trading session of the reviewed time period, the market participants saw GEL moving up by 7%. The price action of the coin remained on September 10 as the pushed the price up by 5%. During the following trading period on September 11, the price of Gelato oscillated between the low at $0.27 and the high at $0.28, while the price moved down by 3%. On September 13, GEL market moved by 11% in the bearish direction in concert with the trading volume. The developments on the Gelato market on September 13 started with the price opening at $0.24 and subsequently moving to $0.19, the close of the day, while dropping to the 24H low at $0.18 and spiking to the 24H high at $0.18. No changes were observed on the crypto coin's market on September 14. As for the occurrences on September 15, the price of the coin bottomed at $0.19 and peaked at $0.21, while its daily range formed between $0.2 and $0.19. The price action on the asset's market during the period between September 9 and September 15 topped at $0.28, while the bottom of the price range was established at $0.16. The difference between the lowest and the highest price points for the week was 27%, as the price moved in the $0.07 wide corridor.
The trading activity on the Gelato market over the past week - September 9 to September 15 - generated the average trading volume that went from $884 302 to $338 538. A more comprehensive analysis of GEL price action requires the comparison of the trading volume between September 9 and September 15 with that from the preceding week that demonstrated how the trading volume fluctuated between $155 975 and $238 839. We can draw a parallel between the change in trading volume in the previous 7 days, which constituted 84%, and the 27% price shift.
The change in the total market capitalization of Gelato from September 9 to September 15 was as follows: on September 9, the capitalization was at $4 373 981, while on September 15, it reached the level of $3 509 488. GEL experienced a 20% change in total market capitalization throughout the past seven days. The price of the coin changed by 27% on the back of the 20% shift in its total market capitalization. Gelato ’s market capitalization from the week before changed by 5%, as the result of fluctuation between $7 064 182 and $4 373 981, to give a clearer vision of the current state of the market.