The capitulation of September 14 - September 20 : Gelato experienced a 15% dive.
The downward movement of the Gelato price last week indicates the chosen market is bearish. 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 trading volume on the crypto coin's market has been decreasing throughout the reviewed period along with its price.
The situation on the Gelato market allows us to characterise its volatility as mild. Our comprehensive data indicates that the price change of GEL has been moderate on the back of the average volatility of 9% for the given time period. The highest point of the coin's volatility reached 11.39% in the analyzed time frame. The asset's volatility was at its lowest on September 18 when it dropped to 0.64%. The crypto coin's market didn't put up any surprises due to mild average volatility of 9%.
The trading session on September 14 started with Gelato opening at $0.19 on the backdrop of bearish sentiment throughout the market. There were no gains or losses to the GEL market on September 14, it remained flat. On September 15, the price of the coin has shifted by 3% from the daily open on the back of a good trading volume. Gelato posted the interim low at $0.18 on September 16 and then moved down by 2% and peaked at $0.2. The GEL market was down as the price shifted by 2% on September 17, against the backdrop of the sufficient trading volume. The price oscillation of Gelato on September 18 was in the $0.18 - $0.18 range; at the same time, the price stretched out to reach the 24H low at $0.18 and the 24H high at $0.187. The activity on the crypto coin's market on September 19 resulted in the asset being traded between $0.18, the open of the day, and $0.16, the close of the day; at some point, the price spiked to the daily high at $0.18 and briefly dropped to the daily low at $0.16. On the last day of the reviewed period, the coin was locked between $0.16 and $0.16, though the price managed to puncture these levels to reach the 24H high at $0.17 and the 24H low at $0.16. The price action on the asset's market during the period between September 14 and September 20 topped at $0.21, while the bottom of the price range was established at $0.16. Gelato shaped the $0.03 price range over the week of price action, which constituted the 15% gap between the weekly low and the weekly high.
Over the period of the last 7 days, September 14 to September 20, Gelato saw its average trading volume fluctuate between $269 156 and $225 458. A more comprehensive analysis of GEL price action requires the comparison of the trading volume between September 14 and September 20 with that from the preceding week that demonstrated how the trading volume fluctuated between $167 844 and $884 302. The 26% trading volume fluctuation between September 14 and September 20, as compared with the previous period, served as a basis for a 15% price move.
The total capitalization of Bitcoin at the start of the analyzed time period (September 14) amounted to $2 981 534; by the end of that period (September 20), the capitalization went to $2 815 143. When translated to percentage rate, the market capitalization of GEL over the past week adjusted by 6%. The said 6% percentage change in market capitalization of the coin was accompanied by the 15% fluctuation in the price of the underlying asset. During the week before the analyzed time frame, the market capitalization of Gelato moved by 37% as it went from $6 602 129 to $4 165 566, and gave a better understanding of the general direction in which this market is flowing.