Synthetix Network Token sees limited 1% gains between November 18 and November 24 as the market cools down.
The price of Synthetix Network Token was rising last from November 18 until November 24, giving enough reason to conclude that the market is. The situation on the SNX market shows that the underlying asset is currently experiencing a period of medium volatility. The price action of the coin has been accompanied by the increased market capitalization of the said digital asset. The price action of the crypto coin last week took place on the back of increased trading volume.
Synthetix Network Token has been moving reservedly on the backdrop of average volatility. The average volatility of 9% was the reason why the price of SNX didn't put up any significant gains. The most significant volatility occurred on November 18 and reached 9.19%. The asset has been the least volatile on November 22; at this time, the volatility stood at 0%. The bulls and the bears appear to be remaining in deadlock as the average volatility of the crypto coin was no higher than 9%.
There were no gains or losses to the SNX market on November 18, it remained flat. On November 19 the coin market stayed neutral, with no changes in the price. The cautious traders dominated the price action on November 20, with the Synthetix Network Token market remaining flat. The next trading session was characterized by more price action (as SNX made a 9% move) on the back of the consistent trading volume. After the open at $1.56, Synthetix Network Token moved during November 22 in the range between the said open and the close at $1.66, having posted the 24H low at $1.56 and the 24H high at $1.66. The activity on the crypto coin's market on November 23 resulted in the asset being traded between $1.66, the open of the day, and $1.74, the close of the day; at some point, the price spiked to the daily high at $1.74 and briefly dropped to the daily low at $1.66. Most trading activity on November 24 occurred in the space between $1.73 and $1.74; during this time span, the immediate selling pressure forced the coin to drop to the 24H low at $1.73, though the bulls had also staged the rally to the 24H high at $1.8. The asset posted the weekly low at $1.56, while the top of the weekly trading session was registered at $1.8. Synthetix Network Token shaped the $0.01 price range over the week of price action, which constituted the 1% gap between the weekly low and the weekly high.
The past 7 days were marked by a change in average daily trading volume from $27 209 231 on November 18 to $27 867 645 on November 24. To understand a bigger picture, we need to match the numbers from last week with the week before that, when the SNX market had its volume ranging between $35 168 439 and $68 076 320. The average trading volume of the asset fluctuated by 57% by comparison with the previous period, whereas the price change of 1% took place over the same period of time.
The change in the total market capitalization of Synthetix Network Token from November 18 to November 24 was as follows: on November 18, the capitalization was at $414 341 787, while on November 24, it reached the level of $417 782 136. Percentage-wise, the market capitalization of SNX has shifted by 1% in the past week. The 1% change in the coin's market capitalization affected the price rate that saw a 1% shift in the same time period. In the preceding week, November 11 - November 17, the market capitalization of Synthetix Network Token got a 8% adjustment ($468 480 783 to $432 918 170) in comparison to a 1% change last week; this allows getting a deeper insight into the market structure.