A 32% drop on the Gelato market last week (September 10 - September 16) signals that the sellers are gaining strength.
Between September 10 - September 16, Gelato has been mostly bearish as its price has been in the falling mode. The price swings of GEL pointed to the presence of medium volatility. 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 price action of Gelato has been contained due to modest volatility. The average volatility of 16% was the reason why the price of GEL didn't put up any significant gains. The volatility of the coin reached its highest point at 18.57% during the observed period. The asset has been the least volatile on September 14; at this time, the volatility stood at 0.69%. The bulls and the bears appear to be remaining in deadlock as the average volatility of the crypto coin was no higher than 16%.
The first day of price action was marked by the 5% move to the upside from the point where the trading session opened. The coin market was down by 3% on September 11, the second day of the reviewed time period. During the next trading day, the rate of change in the price of Gelato stood at 11% having reached the low at $0.24 and the high at $0.27 as the advantage remained on the side of sellers. On September 14, GEL market moved by 17% in the bearish direction in concert with the trading volume. On September 14, Gelato finished the trading day with no changes to the flatlined market. While the 24H high and low on September 15 were at $0.21 and $0.19, respectively, the crypto coin had been traded in the area between the open at $0.2 and the close at $0.19. As for the occurrences on September 16, the price of the coin bottomed at $0.18 and peaked at $0.2, while its daily range formed between $0.19 and $0.19. The highest point of the price action over the week was at $0.28 - the weekly low during the same period was established at $0.16. The difference between the lowest and the highest price points for the week was 32%, as the price moved in the $0.09 wide corridor.
The trading activity on the Gelato market over the past week - September 10 to September 16 - generated the average trading volume that went from $350 865 to $258 848. A more comprehensive analysis of GEL price action requires the comparison of the trading volume between September 10 and September 16 with that from the preceding week that demonstrated how the trading volume fluctuated between $155 975 and $884 302. Percentage-wise, the trading volume of the asset changed by 10%, in comparison to the previous period, while its price experienced a 32% adjustment.
Bitcoin began the observed period September 10 - September 16, with the market capitalization of $4 502 539 and finalized it at the market capitalization level of $3 400 220. 24% was the calculated percentage change for the GEL market over the past week. While the market capitalization of the coin was altered by 24%, its price has made a 32% change. During the week before the analyzed time frame, the market capitalization of Gelato moved by 38% as it went from $7 010 094 to $4 373 981, and gave a better understanding of the general direction in which this market is flowing.