Gelato lost 8% in the period September 16 - September 22 as a result of selling pressure.
Between September 16 - September 22, Gelato has been mostly bearish as its price has been in the falling mode. The volatility of GEL has been medium throughout the reviewed period in correspondence with the price action. The price action of the coin has been accompanied by the decreased market capitalization of the said digital asset. The past week’s price movement of the crypto coin was accompanied by the falling trading volume on the corresponding market.
The unfolding situation in the Gelato market suggests that the reviewed digital asset is in the stage of mild volatility. The market analysis reveals that the mild average volatility of 11% restrained GEL 's price swings. The most significant volatility occurred on September 16 and reached 11.39%. The price of the asset had fluctuated the least on September 20, when the volatility plummeted to 0.64%. The crypto coin's market didn't put up any surprises due to mild average volatility of 11%.
The opening price of Gelato was at $0.19 on September 16, with sellers having a more visible presence on the market. On September 16, the first trading session of the reviewed time period, the market participants saw GEL moving down by 2%. September 17 saw the coin going another 2% since the open, supported by the corresponding trading volume. 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 $0.18, while the high was recorded at $0.187. GEL ’s performance during September 19 was the following: the price declined by 12% in conjunction with the acceptable trading volume. Gelato finalized the trading day of September 20 at $0.16 after opening it at $0.16, though the price broke through that corridor to hit the 24H high at $0.17 and the 24H low at $0.16. The crypto coin opened the trading session on September 21 at $0.17 and finalized it at $0.18; the highest point of price action was at $0.18, the lowest was detected at $0.16. As for the occurrences on September 22, the price of the coin bottomed at $0.17 and peaked at $0.18, while its daily range formed between $0.17 and $0.17. Over the course of all trading sessions, the asset established the weekly low at $0.16 while buyers managed to push the price up to the weekly high at $0.2. Gelato bounced 8% between the low of the week and the peak price for the same time period, ultimately creating a price range of $0.02.
As for the average trading volume in the time slot between September 16 and September 22, the Gelato market registered the change from $258 848 to $214 974. A more comprehensive analysis of GEL price action requires the comparison of the trading volume between September 16 and September 22 with that from the preceding week that demonstrated how the trading volume fluctuated between $167 844 and $884 302. The 35% 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 8%.
Bitcoin began the observed period September 16 - September 22, with the market capitalization of $3 400 220 and finalized it at the market capitalization level of $2 948 016. 13% was the calculated percentage change for the GEL market over the past week. The 13% change in the coin's market capitalization affected the price rate that saw a 8% shift in the same time period. A more precise analysis of the Gelato market also requires a comparison with the change in market capitalization from the week before, which amounted to 20% on the back of the move from $4 373 981 to $3 509 488.