Bearish response: The IoTeX price melts by 1% between August 4 and August 10.
The bullish behavior of IoTeX last week was characterized by the occurrence of downswings. IOTX has been going through a period of medium volatility, which fell in line with the occurred price changes. Last week’s market conditions reflected on the market capitalization of the asset, which was falling. There has been a decline in trading volume on the crypto coin's market in conjunction with the price movement.
The unfolding situation in the IoTeX market suggests that the reviewed digital asset is in the stage of mild volatility. We established that IOTX didn't showcase any significant price action due to the market's mild average volatility of 5%. The volatility of the coin reached its highest point at 6.31% during the observed period. The price of the asset had fluctuated the least on August 8, when the volatility plummeted to 0.57%. Since the volatility of 5% can be deemed as mild, the crypto coin's market can be characterised as composed.
On August 4, the IoTeX market opened at $0.04, preceded by a period of bullish action. During the opening day on August 4, IOTX has had a 1% move to the upside. August 5 saw the coin going another 4% since the open, supported by the corresponding trading volume. The cautious traders dominated the price action on August 6, with the IoTeX market remaining flat. The next trading session was characterized by more bullish price action (as IOTX made a 1% move) on the back of the consistent trading volume. The price oscillation of IoTeX on August 8 was in the $0.04 - $0.04 range; at the same time, the price stretched out to reach the 24H low at $0.036 and the 24H high at $0.038. The activity on the crypto coin's market on August 9 resulted in the asset being traded between $0.04, the open of the day, and $0.04, the close of the day; at some point, the price spiked to the daily high at $0.038 and briefly dropped to the daily low at $0.035. Between the 24H high at $0.036 and the 24H low at $0.034, the coin was traded in the $0.04 - $0.04 price corridor. The highest point of the price action over the week was at $0.038 - the weekly low during the same period was established at $0.034. Traders saw IoTeX covering the $0.0005 distance between the weekly low and the weekly high, which constituted for a 1% move.
Over the period of the last 7 days, August 4 to August 10, IoTeX saw its average trading volume fluctuate between $59 859 810 and $14 570 950. In order to have a better grasp of the IOTX market, it’s necessary to compare the stats from the analyzed period with those from the week before, when the trading volume had gone from $24 436 874 to $41 989 525. The asset demonstrated an 14% change in trading volume, when compared against its performance in the past 7 days, while its price fluctuated by 1%.
The total market capitalization of IoTeX during the past 7-day oscillated between $343 683 115, the starting point that was established on August 4, and $330 000 763 on August 10, the end date of the reviewed period. IOTX experienced a 4% change in total market capitalization throughout the past seven days. The 4% change in the coin's market capitalization affected the price rate that saw a 1% shift in the same time period. A more precise analysis of the IoTeX market also requires a comparison with the change in market capitalization from the week before, which amounted to 6% on the back of the move from $289 060 060 to $305 554 961.