November 9 - November 15 price action recap: ICON sees a weak 2% gain as the buyers take a step back.
The price of ICON was rising last from November 9 until November 15, giving enough reason to conclude that the market is bearish. The situation on the ICX market shows that the underlying asset is currently experiencing a period of high volatility. The asset saw its market capitalization falling over the reviewed period together with its price. The price action of the crypto coin from last week stemmed from the decreasing trading volume.
During the reported period, ICON has been swinging for the fences, which resulted in an average volatility of 24.43% for the given period. The peak of the asset's volatility fell on November 9 after it went all the way to 24.43%. The volatility of the coin fell to its lowest on November 15 when it slid to 0.73%. 24.43% is too high a volatility for the ICX market to be considered stable and easily predictable.
While the overall situation on the ICON market was bearish, the trading session on November 9 kicked off at the $0.19 price level. The price of ICX took a 19% down downswing at the open of the weekly trading period. The market sentiment on November 10 stayed as the coin obtained another 6%. The bears dominated the price action during the following trading period as the price drifted 5% to the downside, having established the low for the reviewed time frame at $0.16, while the high was recorded at $0.17. The trading volume on November 12 rendered support to the 1% bearish move of ICX. November 13 kicked off with ICON trading opening at $0.16 and then closing the session at $0.15, establishing the 24H low at $0.15 and 24H high at $0.16 in the process. While the 24H high and low on November 14 were at $0.16 and $0.14, respectively, the crypto coin had been traded in the area between the open at $0.16 and the close at $0.15. November 15 presented us with the following price action data: the coin opened the period at $0.15 and went on to establish the low at $0.15 and the high of the day at $0.16 before closing the day at $0.16. Over the course of all trading sessions, the asset established the weekly low at $0.14 while buyers managed to push the price up to the weekly high at $0.19. As a result of price action within the designated time period, the price movement range on the ICON market was established at $0.003 or 2% between the weekly low and the weekly high.
The trading activity on the ICON market over the past week - November 9 to November 15 - generated the average trading volume that went from $23 554 720 to $7 872 224. Over the week that came before the analyzed time span, the average trading volume of ICX ranged between $4 195 423 and $11 495 152. Percentage-wise, the trading volume of the asset changed by 45%, in comparison to the previous period, while its price experienced a 2% adjustment.
The total capitalization of Bitcoin at the start of the analyzed time period (November 9) amounted to $173 392 473; by the end of that period (November 15), the capitalization went to $135 425 077. Percentage-wise, the market capitalization of ICX has shifted by 22% in the past week. The 22% change in the coin's market capitalization affected the price rate that saw a 2% shift in the same time period. The comparison with the ICON market capitalization seen during the time period November 2 - November 8 that occurred before the observed one, which changed by 1%, from $203 519 557 to $205 834 901, allows us to get a clearer understanding of current market conditions.