Market analysis September 6 - September 12 : IoTeX posts a 12% rally.
The analysis of last week’s price action shows that the IoTeX market is in the phase since the price has been moving upward. The volatility of IOTX has been medium throughout the reviewed period in correspondence with the price action. Last week’s market conditions reflected on the market capitalization of the asset, which was rising. There has been a growth in trading volume on the crypto coin's market in conjunction with the price movement.
The volatility has been suppressed, as the IoTeX price action suggests. The average volatility of 11% was the reason why the price of IOTX didn't put up any significant gains. The coin has hit the highest point of volatility on September 6. On September 10, the volatility of the asset was at its minimum at 0.23%. The bulls and the bears appear to be remaining in deadlock as the average volatility of the crypto coin was no higher than 11%.
On September 6, the IoTeX market opened at $0.03, preceded by a period of neutral action. The losses of IOTX after the weekly open on September 6 amounted to 7%. The coin market was up by 2% on September 7, the second day of the reviewed time period. The cautious traders dominated the price action on September 8, with the IoTeX market remaining flat. Over the next trading period (on September 9), IOTX was moving up by 12% on the back of a congruous trading volume. On September 10, IoTeX finished the trading day with no changes to the flatlined market. No changes were observed on the crypto coin's market on September 11. As for the occurrences on September 12, the price of the coin bottomed at $0.031 and peaked at $0.032, while its daily range formed between $0.03 and $0.03. The highest point of the price action over the week was at $0.03 - the weekly low during the same period was established at $0.03. Traders saw IoTeX covering the $0.003 distance between the weekly low and the weekly high, which constituted for a 12% move.
IoTeX ’s average trading volume on the opening day of the observed time period, September 6, stood at $7 459 787, while on the closing day of the same period, it moved to $8 774 788. A more comprehensive analysis of IOTX price action requires the comparison of the trading volume between September 6 and September 12 with that from the preceding week that demonstrated how the trading volume fluctuated between $5 133 128 and $16 138 503. Percentage-wise, the trading volume of the asset changed by 10%, in comparison to the previous period, while its price experienced a 12% adjustment.
The total market capitalization of IoTeX during the past 7-day oscillated between $282 443 509, the starting point that was established on September 6, and $292 843 396 on September 12, the end date of the reviewed period. The percentage change in the total market capitalization of IOTX amounted to 4%. The 4% change in the coin's market capitalization affected the price rate that saw a 12% 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 11% on the back of the move from $320 867 945 to $286 129 496.