The bleeding market: ICON loses 9% between November 2 and November 8 as the selling pressure grows.
The price of ICON was falling last from November 2 until November 8, giving enough reason to conclude that the market is bearish. The volatility associated with the ICX market was medium, as were its price fluctuations. There has been a rise in the market capitalization of the asset during the period under review. The crypto coin's market experienced a growing trading volume during the observed time period, which fell in line with the price action.
While the volatility remains restrained, ICON isn't making any explosive moves. The average volatility of 10% was the reason why the price of ICX didn't put up any significant gains. The largest volatility for the given period occurred on November 2 and amounted to 12.6%. The price of the asset had fluctuated the least on November 6, when the volatility plummeted to 0.68%. The bulls and the bears appear to be remaining in deadlock as the average volatility of the crypto coin was no higher than 10%.
While the overall situation on the ICON market was bearish, the trading session on November 2 kicked off at the $0.23 price level. During the opening day on November 2, ICX has had a 2% move to the downside. The 3% move in the upward direction took place on the second day after the weekly open. The bulls dominated the price action during the following trading period as the price drifted 4% to the upside, having established the low for the reviewed time frame at $0.22, while the high was recorded at $0.24. ICX ’s performance during November 5 was the following: the price increased by 3% in conjunction with the acceptable trading volume. After the open at $0.24, ICON moved during November 6 in the range between the said open and the close at $0.24, having posted the 24H low at $0.24 and the 24H high at $0.24. The crypto coin opened the trading session on November 7 at $0.24 and finalized it at $0.23; the highest point of price action was at $0.24, the lowest was detected at $0.23. As for the occurrences on November 8, the price of the coin bottomed at $0.2 and peaked at $0.23, while its daily range formed between $0.23 and $0.2. $0.2 was the bottom of price action for the week, though the price went to the high extreme at $0.25 over the same time period. ICON bounced 9% between the low of the week and the peak price for the same time period, ultimately creating a price range of $0.02.
The trading activity on the ICON market over the past week - November 2 to November 8 - generated the average trading volume that went from $4 195 423 to $6 602 850. A more comprehensive analysis of ICX 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 $5 778 750 and $11 495 815. Percentage-wise, the trading volume of the asset changed by 5%, in comparison to the previous period, while its price experienced a 9% adjustment.
The total capitalization of Bitcoin at the start of the analyzed time period (November 2) amounted to $203 519 557; by the end of that period (November 8), the capitalization went to $205 834 901. Percentage-wise, the market capitalization of ICX has shifted by 1% in the past week. The price of the coin changed by 9% on the back of the 1% shift in its total market capitalization. In order to get a better grasp of the current state of affairs on the market, it’s important to draw the comparison between the reviewed period and the preceding seven days when the market capitalization ranged between $200 745 151 on October 26 and $208 222 429 on November 1, which translates to a 4% change.