The market crumbled last week (November 4 - November 10) as ICON lost 28%.
The analysis of last week’s price action shows that the ICON market is in the bearish phase since the price has been moving downward. The situation on the ICX market shows that the underlying asset is currently experiencing a period of high volatility. The market capitalization of the asset has been decreasing in concert with the price of the coin. The price action of the crypto coin from last week stemmed from the decreasing trading volume.
According to our calculations, ICON experiences larger than usual price fluctuations, which translates to the average volatility percentage of 24.43% during the period under review. The peak of the asset's volatility fell on November 4 after it went all the way to 24.43%. On November 10, the coin's volatility was at its minimum level of 1.9%. 24.43% is too high a volatility for the ICX market to be considered stable and easily predictable.
ICX made a 4% step in an upward direction during the first daily trading session that took place on November 4. The price action of the coin remained bullish on November 5 as the bulls pushed the price up by 3%. During the next trading day, the rate of change in the price of ICON stood at 2% having reached the low at $0.24 and the high at $0.24 as the advantage remained on the side of sellers. The trading volume on November 7 rendered support to the 2% bearish move of ICX. The developments on the ICON market on November 8 started with the price opening at $0.23 and subsequently moving to $0.2, the close of the day, while dropping to the 24H low at $0.2 and spiking to the 24H high at $0.2. The trading period on November 9 saw the crypto coin forming the price amplitude between the open at $0.19 and the close at $0.15, also interacting with $0.15 (24H low) and $0.15 (24H high). As for the occurrences on November 10, the price of the coin bottomed at $0.15 and peaked at $0.17, while its daily range formed between $0.16 and $0.17. $0.15 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. The price action on the weekly time frame made ICON within the 28% range from its weekly low to the weekly high, while the oscillation amplitude between these price points amounted to $0.07.
Over the period of the last 7 days, November 4 to November 10, ICON saw its average trading volume fluctuate between $7 054 839 and $17 959 395. During the week before November 4, the trading volume of ICX flowed from $4 195 423 to $11 495 815. The average trading volume of the asset fluctuated by 46% by comparison with the previous period, whereas the price change of 28% took place over the same period of time.
The total market capitalization of ICON during the past 7-day oscillated between $199 028 989, the starting point that was established on November 4, and $131 012 670 on November 10, the end date of the reviewed period. When translated to percentage rate, the market capitalization of ICX over the past week adjusted by 34%. The 34% change in the coin's market capitalization affected the price rate that saw a 28% shift in the same time period. A more precise analysis of the ICON market also requires a comparison with the change in market capitalization from the week before, which amounted to 3% on the back of the move from $201 526 737 to $195 879 282.