Huobi Token analysis May 2 - May 8 : bears in all-out attack as the price collapses by 13%.
Between May 2 - May 8, Huobi Token has been mostly bearish as its price has been in the falling mode. HT has been going through a period of low volatility, which fell in line with the occurred price changes. The market capitalization of the asset has been decreasing in concert with the price of the coin. The past week’s price movement of the crypto coin was accompanied by the falling trading volume on the corresponding market.
According to our market analysis, the weak price movement of Huobi Token was dictated by low volatility. The average volatility of HT was as low as 0%, causing the dull price action. The peak of the coin's volatility for the given time period was reached on May 6 when this parameter went as low as 5.35%. On May 7, the asset didn't make any noticeable price movements as its volatility dropped to the lowest level at 0%. The volatility of 0% is too low for the crypto coin to engage in any attention-worthy price action.
On May 2, the Huobi Token market opened at $3.41, preceded by a period of bearish action. The market sentiment on May 3 stayed bearish as the coin obtained another 3%. The bulls dominated the price action during the following trading period as the price drifted 1% to the upside, having established the low for the reviewed time frame at $3.24, while the high was recorded at $3.28. On May 6, HT market moved by 2% in the bearish direction in concert with the trading volume. May 6 kicked off with Huobi Token trading opening at $3.17 and then closing the session at $3.01, establishing the 24H low at $3 and 24H high at $3.23 in the process. No changes were observed on the crypto coin's market on May 7. On the last day of the reviewed period, the coin was locked between $3 and $2.92, though the price managed to puncture these levels to reach the 24H high at $3.02 and the 24H low at $2.91. Over the course of all trading sessions, the asset established the weekly low at $2.91 while buyers managed to push the price up to the weekly high at $3.41. Huobi Token shaped the $0.42 price range over the week of price action, which constituted the 13% gap between the weekly low and the weekly high.
Over the period of the last 7 days, May 2 to May 8, Huobi Token saw its average trading volume fluctuate between $6 926 031 and $5 196 929. We can draw the comparison with the period of 7 days that preceded the reviewed one when HT ’s trading volume varied from $5 477 964 to $8 825 081. The asset demonstrated an 4% change in trading volume, when compared against its performance in the past 7 days, while its price fluctuated by 13%.
The past week saw the market capitalization of Huobi Token making a shift from $544 958 396 on May 2 to $487 232 883 on May 8, the peak for the analyzed period. The percentage change in the total market capitalization of HT amounted to 11%. The said 11% percentage change in market capitalization of the coin was accompanied by the 13% fluctuation in the price of the underlying asset. During the week before the analyzed time frame, the market capitalization of Huobi Token moved by 1% as it went from $579 292 050 to $571 109 780, and gave a better understanding of the general direction in which this market is flowing.