A 12% drop on the JET market last week (November 8 - November 14) signals that the sellers are gaining strength.
JET has been bearish last week as its price has been predominantly falling. JET 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. The past week’s price movement of the crypto coin was accompanied by the falling trading volume on the corresponding market.
JET has been moving reservedly on the backdrop of average volatility. The average volatility of 5% was the reason why the price of JET didn't put up any significant gains. The coin was the most volatile on November 8, when the range of its price fluctuations reached 7.12%. On November 12, the volatility of the asset was at its minimum at 1.3%. The crypto coin's market didn't put up any surprises due to mild average volatility of 5%.
The opening price of JET was at $0.08 on November 8, with sellers having a more visible presence on the market. The first day of price action was marked by the 1% move to the downside from the point where the trading session opened. The market sentiment on November 9 stayed bearish as the coin obtained another 3%. On November 10, the market was moving to the upside as JET went 2% up from the low at $0.06 to the high at $0.08. The JET market was down as the price shifted by 2% on November 11, against the backdrop of the sufficient trading volume. The price oscillation of JET on November 12 was in the $0.08 - $0.08 range; at the same time, the price stretched out to reach the 24H low at $0.074 and the 24H high at $0.077. The trading period on November 13 saw the crypto coin forming the price amplitude between the open at $0.08 and the close at $0.07, also interacting with $0.073 (24H low) and $0.073 (24H high). November 14 presented us with the following price action data: the coin opened the period at $0.07 and went on to establish the low at $0.07 and the high of the day at $0.07 before closing the day at $0.07. The price action on the asset's market during the period between November 8 and November 14 topped at $0.08, while the bottom of the price range was established at $0.06. As a result of price action within the designated time period, the price movement range on the JET market was established at $0.009 or 12% between the weekly low and the weekly high.
In the period November 8 - November 14, the trading volume of JET went from $123 151 on the first day of the reviewed period to $104 046 on the closing day. We can draw the comparison with the period of 7 days that preceded the reviewed one when JET ’s trading volume varied from $108 157 to $140 208. The 14% change in trading volume in the asset's market, compared to last week, supported the price movement that allowed the cryptocurrency to alter its value by 12%.
The change in the total market capitalization of JET from November 8 to November 14 was as follows: on November 8, the capitalization was at $12 272 780, while on November 14, it reached the level of $11 420 494. When translated to percentage rate, the market capitalization of JET over the past week adjusted by 7%. While the market capitalization of the coin was altered by 7%, its price has made a 12% change. A more precise analysis of the JET market also requires a comparison with the change in market capitalization from the week before, which amounted to 2% on the back of the move from $12 538 133 to $12 242 599.