Slightly bearish : traders witnessed Huobi Token moving down 1% from May 8 till May 14.
Between May 8 - May 14, Huobi Token has been mostly bearish as its price has been in the falling mode. The volatility associated with the HT market was low, as were its price fluctuations. The price action on the coin's market translated to the decline of market capitalization. The past week’s price movement of the crypto coin was accompanied by the falling trading volume on the corresponding market.
The current state of affairs on the cryptocurrency market allows us to draw the conclusion that Huobi Token is now going through the cycle of low volatility. With the average volatility being as low as 0.34%, HT was incapable of making any sizable price swings. The maximum volatility of the coin stood at 4.21% in the analyzed time frame. The weakest volatility level of 0.34% on the asset's market was registered on May 13. Since the current volatility of the crypto coin is low, we expect the price fluctuations of the digital asset at hand to be insignificant.
The opening price of Huobi Token was at $3 on May 8, with sellers having a more visible presence on the market. The first day of price action was marked by the 3% move to the downside from the point where the trading session opened. On May 9, the price of the coin has shifted by 3% from the daily open on the back of a good trading volume. The cautious traders dominated the price action on May 10, with the Huobi Token market remaining flat. The trading volume on May 11 rendered support to the 4% bearish move of HT. May 12 kicked off with Huobi Token trading opening at $2.83 and then closing the session at $2.73, establishing the 24H low at $2.72 and 24H high at $2.88 in the process. The trading period on May 13 saw the crypto coin forming the price amplitude between the open at $2.74 and the close at $2.8, also interacting with $2.74 (24H low) and $2.74 (24H high). May 14 presented us with the following price action data: the coin opened the period at $2.79 and went on to establish the low at $2.78 and the high of the day at $3.01 before closing the day at $2.9. $2.72 was the bottom of price action for the week, though the price went to the high extreme at $3.02 over the same time period. Traders saw Huobi Token covering the $0.02 distance between the weekly low and the weekly high, which constituted for a 1% move.
The trading activity on the Huobi Token market over the past week - May 8 to May 14 - generated the average trading volume that went from $5 196 929 to $18 946 236. To understand a bigger picture, we need to match the numbers from last week with the week before that, when the HT market had its volume ranging between $5 651 270 and $8 188 822. Percentage-wise, the trading volume of the asset changed by 84%, in comparison to the previous period, while its price experienced a 1% adjustment.
The total capitalization of Bitcoin at the start of the analyzed time period (May 8) amounted to $487 232 883; by the end of that period (May 14), the capitalization went to $455 801 626. 6% was the calculated percentage change for the HT market over the past week. While the market capitalization of the coin was altered by 6%, its price has made a 1% change. A better understanding of the lay of the land on the Huobi Token market requires a comparison with the preceding week when the total market capitalization of Huobi Token changed by 14% as it went from $571 109 780 to $487 232 883.