Buyers weakened their grip on the ICON market (November 1 - November 7) as the price rose only by 2%.
The upward movement of the ICON price last week indicates the chosen market is. ICX has been going through a period of low volatility, which fell in line with the occurred price changes. The price action on the coin's market translated to the decline of market capitalization. The price action of the crypto coin from last week stemmed from the decreasing trading volume.
The analysis of events on the ICON market shows that the cryptocurrency under review is experiencing a period of low volatility. The average volatility of ICX was as low as 0.68%, causing the dull price action. In the period between November 1 and November 7, the volatility of the coin peaked at 0.68%. The weakest volatility level of 0.68% on the asset's market was registered on November 6. The crypto coin's low volatility of 0.68% points to the weakness of all market participants.
There were no gains or losses to the ICX market on November 1, it remained flat. The price action of the coin remained bearish on November 2 as the bears pushed the price down by 2%. ICON posted the interim low at $0.22 on November 3 and then moved up by 3% and peaked at $0.23. The ICX market was up as the price shifted by 4% on November 4, against the backdrop of the sufficient trading volume. The price oscillation of ICON on November 5 was in the $0.24 - $0.24 range; at the same time, the price stretched out to reach the 24H low at $0.24 and the 24H high at $0.25. The crypto coin opened the trading session on November 6 at $0.24 and finalized it at $0.24; the highest point of price action was at $0.24, the lowest was detected at $0.24. November 7 presented us with the following price action data: the coin opened the period at $0.24 and went on to establish the low at $0.23 and the high of the day at $0.24 before closing the day at $0.23. During the reviewed time period, the asset was able to achieve the weekly high at $0.25, though at a certain point, the bear pressurized the price down to the weekly low at $0.22. The price action on the weekly time frame made ICON within the 2% range from its weekly low to the weekly high, while the oscillation amplitude between these price points amounted to $0.004.
The past 7 days were marked by a change in average daily trading volume from $6 000 981 on November 1 to $7 520 592 on November 7. We can draw the comparison with the period of 7 days that preceded the reviewed one when ICX ’s trading volume varied from $4 111 095 to $11 495 815. We can draw a parallel between the change in trading volume in the previous 7 days, which constituted 7%, and the 2% price shift.
The total market capitalization of ICON during the past 7-day oscillated between $208 222 429, the starting point that was established on November 1, and $205 121 652 on November 7, the end date of the reviewed period. 1% was the calculated percentage change for the ICX market over the past week. When compared to the price fluctuations during the observed period of time, the 1% market capitalization movement was accompanied by a 2% change in the price of the coin. During the week before the analyzed time frame, the market capitalization of ICON moved by 8% as it went from $193 488 372 to $209 241 239, and gave a better understanding of the general direction in which this market is flowing.