The bears stepped up a gear on November 2 - November 8, dropping the price of Golem by 8%.

The analysis of last week’s price action shows that the Golem market is in the bearish phase since the price has been moving downward. The situation on the GLM market shows that the underlying asset is currently experiencing a period of medium volatility. The market capitalization of the asset has been increasing in concert with the price of the coin. The trading volume on the crypto coin's market has been increasing throughout the reviewed period along with its price.

Golem has been moving reservedly on the backdrop of average volatility. We established that GLM didn't showcase any significant price action due to the market's mild average volatility of 9%. The most significant volatility occurred on November 2 and reached 10.81%. The asset's volatility was at its lowest on November 6 when it dropped to 0.97%. The mild volatility during the period of review allowed the price of the crypto coin to remain stable and predictable.

On November 2, the first trading session of the reviewed time period, the market participants saw GLM moving down by 1%. The market sentiment on November 3 stayed bullish as the coin obtained another 3%. On November 4, the market was moving to the upside as Golem went 3% up from the low at $0.27 to the high at $0.28. The next trading session was characterized by more price action (as GLM made a 1% move) on the back of the consistent trading volume. The price oscillation of Golem on November 6 was in the $0.28 - $0.28 range; at the same time, the price stretched out to reach the 24H low at $0.28 and the 24H high at $0.285. The crypto coin opened the trading session on November 7 at $0.28 and finalized it at $0.28; the highest point of price action was at $0.28, the lowest was detected at $0.27. The coin found the deepest trough (24H low) at $0.25 on November 8 and then exploded to the ceiling (24H high) at $0.28; the price range for that day was between $0.28 and $0.25. $0.25 was the bottom of price action for the week, though the price went to the high extreme at $0.29 over the same time period. Golem shaped the $0.02 price range over the week of price action, which constituted the 8% gap between the weekly low and the weekly high.

Golem ’s average trading volume on the opening day of the observed time period, November 2, stood at $22 321 153, while on the closing day of the same period, it moved to $5 021 089. A more comprehensive analysis of GLM price action requires the comparison of the trading volume between November 2 and November 8 with that from the preceding week that demonstrated how the trading volume fluctuated between $3 673 648 and $20 554 894. We can draw a parallel between the change in trading volume in the previous 7 days, which constituted 29%, and the 8% price shift.

The total market capitalization of Golem during the past 7-day oscillated between $274 879 319, the starting point that was established on November 2, and $277 016 349 on November 8, the end date of the reviewed period. When translated to percentage rate, the market capitalization of GLM over the past week adjusted by 1%. When compared to the price fluctuations during the observed period of time, the 1% market capitalization movement was accompanied by a 8% change in the price of the coin. During the week before the analyzed time frame, the market capitalization of Golem moved by 3% as it went from $263 983 939 to $272 620 032, and gave a better understanding of the general direction in which this market is flowing.

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Article date: November 8 | November 2 - 8

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