The capitulation of May 19 - May 25 : Injective Protocol experienced a 12% dive.
Between May 19 - May 25, Injective Protocol has been mostly as its price has been in the falling mode. The volatility associated with the INJ market was medium, as were its price fluctuations. Last week’s market conditions reflected on the market capitalization of the asset, which was falling. The trading volume on the crypto coin's market has been decreasing throughout the reviewed period along with its price.
The unfolding situation in the Injective Protocol market suggests that the reviewed digital asset is in the stage of mild volatility. During the reviewed period, the volatility of INJ was in the middle register, averaging at 11%. The coin was the most volatile on May 19, when the range of its price fluctuations reached 13.09%. The price of the asset had fluctuated the least on May 23, when the volatility plummeted to 0.78%. The mild volatility during the period of review allowed the price of the crypto coin to remain stable and predictable.
The were dictating the terms on the Injective Protocol market on May 19 - the trading session opened at $6.44. The gains of INJ after the weekly open on May 19 amounted to 11%. The 3% move in the upward direction took place on the second day after the weekly open. The price range of Injective Protocol formed between $6.8 and $7.29 on May 21 as the price traveled 6% down. The INJ market was down as the price shifted by 2% on May 22, against the backdrop of the sufficient trading volume. The price oscillation of Injective Protocol on May 23 was in the $6.7 - $6.81 range; at the same time, the price stretched out to reach the 24H low at $6.66 and the 24H high at $6.98. The price action on May 24 saw the crypto coin moving along the following route: starting point at $6.82 and closing point at $6.38, while it also deviated to establish the high of the day at $6.82 and the low of the day at $6.38. May 25 presented us with the following price action data: the coin opened the period at $6.38 and went on to establish the low at $6.16 and the high of the day at $6.42 before closing the day at $6.33. $6.16 was the bottom of price action for the week, though the price went to the high extreme at $7.38 over the same time period. Injective Protocol shaped the $0.84 price range over the week of price action, which constituted the 12% gap between the weekly low and the weekly high.
The trading activity on the Injective Protocol market over the past week - May 19 to May 25 - generated the average trading volume that went from $46 999 866 to $47 633 350. Over the week that came before the analyzed time span, the average trading volume of INJ ranged between $33 944 864 and $67 967 607. The 6% trading volume fluctuation between May 19 and May 25, as compared with the previous period, served as a basis for a 12% price move.
The total capitalization of Bitcoin at the start of the analyzed time period (May 19) amounted to $533 353 606; by the end of that period (May 25), the capitalization went to $511 841 201. The percentage change in the total market capitalization of INJ amounted to 4%. As a consequence of the 4% fluctuation in its market capitalization, the price of the coin changed by 12%. A more precise analysis of the Injective Protocol market also requires a comparison with the change in market capitalization from the week before, which amounted to 14% on the back of the move from $464 927 699 to $530 331 824.