Gelato retraces by 5% in the period September 15 - September 21 as the market turns slightly bearish.
The bearish behavior of Gelato last week was characterized by the occurrence of downswings. GEL has been going through a period of medium volatility, which fell in line with the occurred price changes. Last week’s market conditions reflected on the market capitalization of the asset, which was falling. The trading volume on the crypto coin's market has been decreasing throughout the reviewed period along with its price.
The price action of Gelato has been contained due to modest volatility. Given that the average volatility on the GEL market didn't exceed 11%, the price action remained limited. The largest volatility for the given period occurred on September 15 and amounted to 11.39%. The asset saw its volatility drop to the lowest level for the given period on September 19 as it shrank to 0.64%. The mild volatility registered on the crypto coin's market over the said period allows us to expect moderate price movements in both directions without significant breakouts.
The opening price of Gelato was at $0.2 on September 15, with sellers having a more visible presence on the market. During the opening day on September 15, GEL has had a 3% move to the downside. The price action of the coin remained bearish on September 16 as the bears pushed the price down by 2%. The bears dominated the price action during the following trading period as the price drifted 2% to the downside, having established the low for the reviewed time frame at $0.183, while the high was recorded at $0.189. GEL ’s performance during September 18 was the following: the price declined by 2% in conjunction with the acceptable trading volume. The price range of Gelato on September 19 formed between $0.18 and $0.16, whereas the daily price extremities were $0.16 and $0.18. On September 20, the crypto coin showcased the following price fluctuations: the trading session began at $0.16 and then traveled from the low of the day at $0.16 to the high of the day at $0.17, closing at $0.16. As for the occurrences on September 21, the price of the coin bottomed at $0.16 and peaked at $0.18, while its daily range formed between $0.17 and $0.18. The price action on the asset's market during the period between September 15 and September 21 topped at $0.21, while the bottom of the price range was established at $0.16. Gelato bounced 5% between the low of the week and the peak price for the same time period, ultimately creating a price range of $0.009.
Over the period of the last 7 days, September 15 to September 21, Gelato saw its average trading volume fluctuate between $338 538 and $275 295. We can draw the comparison with the period of 7 days that preceded the reviewed one when GEL ’s trading volume varied from $167 844 to $884 302. The 26% change in trading volume in the asset's market, compared to last week, supported the price movement that allowed the cryptocurrency to alter its value by 5%.
The past week saw the market capitalization of Gelato making a shift from $3 509 488 on September 15 to $2 865 803 on September 21, the peak for the analyzed period. Percentage-wise, the market capitalization of GEL has shifted by 18% in the past week. The said 18% percentage change in market capitalization of the coin was accompanied by the 5% fluctuation in the price of the underlying asset. During the week before the analyzed time frame, the market capitalization of Gelato moved by 56% as it went from $6 736 056 to $2 981 534, and gave a better understanding of the general direction in which this market is flowing.